Saudi’s Council of Ministers approves MTC’s mobile bid

Saudi Arabia’s Council of Ministers has ratified the Mobile Telecommunications Co (MTC)-led application to be the third mobile operator in the Kingdom.

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By  Michele Howe Published  June 12, 2007

Saudi Arabia’s Council of Ministers has ratified the Mobile Telecommunications Co (MTC)-led application to be the third mobile operator in the Kingdom. A consortium led by MTC Group was identified as the highest bidder for the third mobile licence in Saudi Arabia in March earlier this year after placing a US$6.12 billion bid. The new operator, called Saudi MTC, is to sell 40% of its shares in an initial public offering within 30 days of winning approval from the trade ministry, according to a report by Reuters. MTC said in March that it would take a 25% stake in the new company. Saudi MTC will compete on the Saudi mobile market with STC and Mobily.

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