MTC to acquire outstanding shares in Celtel

The company will manage Celtel as a separate operating entity and retain the existing Celtel management team and key board members.

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By  Andy Tillett Published  May 5, 2005

The Mobile Telecommunications Company (MTC) will acquire 85% of the outstanding shares in Celtel International. Under the terms of the offer, MTC has agreed to acquire the remaining 15% of the outstanding shares in Celtel within two years. This acquisition confirms MTC’s commitment to becoming a premier global telecommunications company and its ability to deliver in a challenging environment. MTC entered into a binding agreement with the Celtel in March to acquire 100% of its issued capital of Celtel. “MTC’s corporate vision can be summarised as a three by three by three strategy for expansion. This ambitious growth plan is driving MTC from being a single operator in Kuwait at the end of 2002 to a global player in three stages — local, regional and global. We have allocated three years for the completion of each stage. The acquisition of Celtel takes MTC beyond the Middle East into Africa and has firmly placed the company as an international telecom operator,” says Dr. Saad Al-Barrak, deputy chairman and managing director for MTC. The company will manage Celtel as a separate operating entity and retain the existing Celtel management team and key board members. Dr. Mo Ibrahim, Celtel’s founder and chairman will continue as the non-executive chairman and continue to work on his vision for Celtel. MTC now operates in 18 countries in the Middle East and Africa and provides its services to approximately 10 million subscribers.

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