Kuwait to launch IPO for country's third mobile operator (Kuwait)

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Kuwait to launch IPO for country's third mobile operator (Kuwait)

August 15, 2008

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The Kuwait government is likely to launch a delayed IPO for a 50 per cent stake in a new company, which will be the country's third mobile telephone operator. Post-IPO, the government will retain 24 per stake in the company, while Saudi Telecom, which had won the third mobile licence in 2007, will hold 26 per cent stake in it. The new company, which is expected to launch operations by end-2008, will be competing with National Mobile Telecommunications Company (Wataniya), a unit of Qatar Telecommunications.