Qatar Telecom (Qtel Group) on Sunday said that it is increasing its stake in Kuwait's Wataniya Telecom from 52.5 to 92.1 percent after closing the purchase offer to all Wataniya shareholders in October 4.

Qatar Telecom is paying $1.8 billion to substantially boost its stake in Kuwaiti telecommunications operator.

We delighted by the rising Wataniya Telecom shareholders motivation for the offer made by Qtel and we think it is a testament that emphasises its significance which an opportunity for the shareholders to benefit from their investment in in Wataniya Telecom for a fair monetary compensation at an appropriate stage of the company's investment cycle," Board Chairman of Qtel Communications Group Sheikh Abdullah Bin Mohammed Bin Saud Al Thani said in a press statement on Sunday.