MTC Group confirms interest in international IPO

MTC Group believes that a positive decision to proceed with an international IPO is likely.

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By  Tawanda Chihota Published  November 6, 2006

Kuwait’s MTC Group has responded to media reports that the company is seeking an international listing by releasing a statement confirming that it is indeed evaluating all options with regards such a move. “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,” commented Sam M. Deeb, MTC’s chief financial officer. Deeb detailed 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. 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 EBITDA increased by 78% over the same period last year to reach KD416.57 million, generating a healthy margin of 49%. MTC announced consolidated net income of KD223.18 million, an increase of 64% compared to the same period last year. Subscriber numbers totalled 24.9 million in the Middle East and Africa at the end of September, reflecting a year on year increase of almost 100% due to organic growth and acquisitions.

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