The CITC plans to issue a full tender on 11 April and award the 15-year licence by the fourth quarter, with operations beginning in early 2005. International operators were obliged to bid in consortia with at least five local companies. The successful consortium will be required to list on the local stock exchange and to offer 20 per cent of shares to the public immediately, rising to 40 per cent after three years.

EFG-Hermes, Goldman Sachsand Riyad Bankare financial advisers on the sale; Allen & Overyand The Allianceare legal advisers; and Intercai Mondialeis technical adviser (MEED 26:3:04).