Kuwait mobile phone giant denies US bank to handle IPO
Manama - Kuwait’s mobile telecommunications giant Mobile Telecommunications Company (MTC) on Sunday denied recent reports that it had retained a bank to handle a planned international stock market listing.
Throughout last year, various sources at MTC had confirmed that the company was evaluating an initial public offering (IPO) of parts of the company on an international exchange, a company statement said.
London-based magazine The Business reported last month that the company hoped to raise at least 500 million dollars and that US investment bank UBS had been hired to handle the IPO. The proceeds of the flotation would be used to fund growth in the Middle East and Africa, the magazine said.
MTC Group chief financial officer, Sam M Deeb said the group was ‘evaluating all its options with regards to an international listing’ but that the company had not ‘retained any advisors nor has it entered into any commitments’ with regard to the IPO.
MTC Group serves over 24.9 million customers in 20 countries.
Group revenue for the first nine months of 2006 was 849.15 million Kuwaiti dollars (2.92 billion dollars), an increase of 115 percent over the same period in 2005.
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