Doha – Mubasher: UK telecom giant Vodafone Group on Monday announced the sale of its stake in Vodafone Qatar to Qatar Foundation for QAR1,350 million or EUR 301 million ($371 million).

Vodafone, who owns around 51% of Qatar unit, said it would receive EUR 279 million at deal’s completion and EUR 22 million after 12 months.

However, the telecom giant would keep its red brand present in Qatar under a future partnership deal, a report by Reuters stated.

By 02:55 pm GMT, Vodafon’s stock jumped by 1.03% to GBP 205.95.