Saudi Telecom to sell shares in Kuwaiti division on 22 August

18 August 2008
Saudi Telecom's new subsidiary in Kuwait will offer 25 per cent of its shares to Kuwaiti investors from 22 August, in advance of its flotation on the Kuwait Stock Exchange later this year.

Local investors will be able to buy some 250 million shares worth a total of KD25m ($93m) in Kuwait Telecom.

A further 25 per cent stake in the company will be handed directly to government-backed institutions, including the Kuwait Investment Authority and the Public Institute for Social Security, which will both get 6 per cent stakes.

Saudi Telecom's local partners will get 24 per cent of the new company and Saudi Telecom will keep the remaining 26 per cent.

Saudi Arabia's incumbent operator won the auction for Kuwait's third mobile phone licence with a bid of KD249m in November last year (MEED 29:11:07).

Kuwait Telecom will compete with two Kuwaiti operators, Zain and Wataniya, when it launches its mobile phone services in the country.

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