MTC to launch IPO (Kuwait)
August 15, 2007
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Kuwait-based telecom service provider Mobile Telecommunications Company (MTC), which is a part of the consortium that has won Saudi Arabia's third mobile licence, will launch an initial public offering (IPO) in October 2007. The proceeds of the IPO, which consists of 700 million shares, will be used to start mobile operations in Saudi Arabia at the beginning of 2008. While 140 million shares will be allocated to the General Organisation for Social Insurance and the Public Pensions Fund, the balance will be offered to the public for 10 riyals per share. The cost of constructing the third mobile phone network in Saudi Arabia is estimated at 7.5 billion riyals.
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