MIDEAST STOCKS-Gulf mostly weak but Vodafone Qatar soars on earnings, licence news:
"Major Gulf stock markets were mostly weak on Tuesday but Vodafone Qatar jumped by its 10 percent daily limit in response to a stream of positive news from the company.
By far the most heavily traded stock in its market, Vodafone Qatar said its nine-month net loss narrowed 32 percent and that its telecommunications licence had been extended by 40 years, which would cut annual amortisation costs sharply.
The company also said it planned to reduce its share capital by roughly half, while Vodafone will sell its stake in the firm to Qatar Foundation, whose direct and indirect stake in Vodafone Qatar will rise to 50 percent from 27.05 percent."
'via Blog this'
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