MTC eyes further opportunities in Saudi Arabia and Egypt

MTC expects to complete a share rights offering by the end of the year, set to raise over KD675 million.

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By  Tawanda Chihota Published  October 29, 2005

Leading Kuwait operator MTC has reported that consolidated revenues for the nine months to end-September amounted to KD396.2 million (US$1.36 billion), reflecting growth of 67% year on year. Net income for the nine months amounted to KD136.4 million, which was up 52.4% on the previous year, with EBITDA amounting to KD235.9 million, up 77.2%. The operator counted over 12.45 million subscribers across the 18 countries in which it operated at the end of September, with the operator’s Iraq operation MTC Atheer recording the highest sequential growth rate of 61% in 3Q05. MTC Atheer counted 925,000 subscribers at the end of September. Overall, MTC’s subscriber numbers grew by 17.38% from 10.6 million at the end of June 2005, to 12.45 million at the end of September. MTC expects to complete a share rights offering by the end of the year, set to raise over KD675 million. “Leveraging off the post-rights enhanced financial position, the company will be evaluating several attractive expansion opportunities arising over the next 18 months such as the expected third licences in Saudi Arabia and Egypt,” says MTC chairman Asaad Al-Banwan. The operator has already expressed interest in acquiring a 35% stake in Tunisie Telecom and has been short-listed in the process to acquire Turkish operator Telsim.

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