No commitment on IPO says MTC

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By  Administrator Published  November 17, 2006

No commitment on IPO says MTCKuwait’s MTC Group has confirmed that it is considering an international listing but said it is yet to make any firm commitments to do so. The operator issued a statement this month in response to media claims that the company was looking at an initial public offering (IPO) for part of its business, with an investment bank already appointed to handle it.

In a statement Sam Deeb, MTC’s chief financial officer, said that MTC is evaluating all its options with regards to an international listing. “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,” he said. “However, I would like to emphasise that at this time MTC Group has not retained any advisors nor has it entered into any commitments with regards to an international listing,” he added.

In less than four years, MTC has grown to become the largest mobile operator in the Middle East, operating in 20 countries. The operator recorded consolidated revenues of KD849.15 million (US$2.9 billion) for the nine months ended September 30, 2006, an increase of 115% over the same period in 2005. During the nine months, consolidated earnings before deductions increased by 78% over the same period last year to reach KD416.57 million.

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