Throughout last year, various sources at Mobile Telecommunications Company K.S.C. (MTC) had confirmed that the company is evaluating an initial public offering (IPO) of parts of the company on an international exchange. Several media outlets have reported various aspects related to this subject; most recently news has been published suggesting that Mobile Telecommunications International B.V. (MTCI) will raise at least USD 500 million and that an investment bank (UBS) has been hired to handle the upcoming IPO with the proceeds to be used to fund growth.
Commenting on these reports, MTC Group Chief Financial Officer, Sam M. Deeb said: “Under the direction of the company’s Board of Directors, MTC Group is evaluating all its options with regards to an international listing. The company has delivered and created significant value for all its stakeholders over the past 4 years by implementing its profitable expansion strategy as formulated by our Group CEO Dr. Saad Al-Barrak. Our mission is to create sustainable value for all our stakeholders, and as the company has grown it faces new challenges and opportunities. In order to allow all those who want access and participation in the MTC success story as shareholders and to ensure ongoing efficient equity valuation, liquidity, and coverage I am confident that we will conclude our study of the international listing with a positive decision to go ahead. However, I would like to emphasize that at this time MTC Group has not retained any advisors nor has it entered into any commitments with regards to an international listing.”
About MTC
MTC is the pioneer of mobile telecommunications in the Middle East and now a major player on the African continent. We began life in 1983 in Kuwait as the region’s first mobile operator, and since the initiation of our “3x3x3” expansion strategy in 2003, we have expanded rapidly.
As a leading mobile and data services operator in 6 Middle Eastern and 14 sub-Saharan African countries with 12000 employees, we provide a comprehensive range of mobile voice and data services to 24.9 million individual and business customers (Sept 30, 2006).
We operate in Kuwait and Bahrain as mtc-vodafone, in Jordan as Fastlink, in Iraq as mtc atheer, in Lebanon as mtc touch, in Sudan as Mobitel and in 14 sub-Saharan countries in Africa as Celtel: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Kenya, Malawi, Madagascar, Niger, Sierra Leone, Tanzania, Uganda, Zambia and Nigeria.
Listed on the Kuwait, Stock Exchange (Code; Tele), MTC’s market capitalization exceeded US14.9 billion as of Oct 31, 2006. For more visit: www.mtctelecom.com
