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Kuwait launches IPO for third mobile operator
Source: BI-ME and AFP , Author: BI-ME staff
Posted: Sun August 24, 2008 12:00 am
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KUWAIT.  Kuwait on Sunday launched a much-delayed initial public offering for the country’s third mobile operator which is expected to start operating later this year, officials said.

The government of the Gulf Arab state is offering 50% of the operator to the public. It sold 26% of the firm to state-owned Saudi Telecom for KWD248.7 million (US$931.4 million) last November. The government will hold the remaining 24%. Kuwait had initially targeted February for the IPO.

Under the IPO, open until 18 September, half of Kuwait Telecom Company's capital of 500 million shares will be available to Kuwaiti citizens only for a nominal price of 100 fils (US$0.37) plus a five fils premium per share.

Salman al-Badran, head of the new mobile phone project, said in a statement the IPO will raise KWD26.25 million  (98.3 million dollars).

Kuwait is already home to Zain, established in 1983, the third-largest Arab telecoms company, as well as National Mobile Telecommuni-cations Co (Wataniya), a unit of Qatar Telecommunications Co.

Last week Zain launched an IPO to increase its capital by 75% to raise around US$4.5 billion to finance massive expansion abroad.

Saudi telecom provides services to 20 million mobile subscribers.

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