STC acquires stake in Kuwait's third mobile company (Saudi Arabia)

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STC acquires stake in Kuwait's third mobile company (Saudi Arabia)

December 15, 2007

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Saudi Telecom Company (STC) has won the bid to acquire 26 per cent stake in Kuwait's third mobile phone company. STC's bid amount was 248.7 million dinars. The second highest bid of 195 million dinars was made by a consortium led by Kuwait Finance House, and the third highest bid of 180 million dinars by a consortium led by Emirates Telecommunications. Kuwait's third mobile operator is likely to start operations in the second half of 2008.

The Government of Kuwait will sell another 50 per cent stake in the company through an IPO in February 2008. The remaining 24 per cent stake will be retained by the government.