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Press Release:
MTC says no advisors for international listing
Press Release
News Article November 2006
November 5, 2006: Throughout last year, various sources at Mobile Telecommunications Company K.S.C. (MTC) had confirmed that the company is evaluating an initial public offering (IPO) of parts of the company on an international exchange. Several media outlets have reported various aspects related to this subject; most recently news has been published suggesting that Mobile Telecommunications International B.V. (MTCI) will raise at least USD 500 million and that an investment bank (UBS) has been hired to handle the upcoming IPO with the proceeds to be used to fund growth.
Commenting on these reports, MTC Group Chief Financial Officer, Sam M. Deeb said: “Under the direction of the company’s Board of Directors, MTC Group is evaluating all its options with regards to an international listing. The company has delivered and created significant value for all its stakeholders over the past 4 years by implementing its profitable expansion strategy as formulated by our Group CEO Dr. Saad Al-Barrak. Our mission is to create sustainable value for all our stakeholders, and as the company has grown it faces new challenges and opportunities. In order to allow all those who want access and participation in the MTC success story as shareholders and to ensure ongoing efficient equity valuation, liquidity, and coverage I am confident that we will conclude our study of the international listing with a positive decision to go ahead. However, I would like to emphasize that at this time MTC Group has not retained any advisors nor has it entered into any commitments with regards to an international listing.”
For further information, please contact:
Ibrahim Adel
MTC Investor Relations Director
PO BOX 22244 Safat, 13083 Kuwait
Telephone: +965 464 4954
Fax: +965 464 4506
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