Kuwait Finance eyes stake in 3rd mobile firm

Islamic lender plans an alliance with foreign investors and telecom operators.

  • E-Mail
By  Reuters Published  June 24, 2007

Islamic lender Kuwait Finance House is considering a bid for a stake in the country's third mobile phone operator with other investors, a newspaper said on Sunday.

Kuwait's second largest lender by market value was planning an alliance with foreign institutional investors and telecom operators to make the bid, al-Wasat daily said in an unsourced report.

The Kuwaiti government is planning to sell a 26% stake in October in the Gulf Arab state's third mobile phone company which is due to start operations in the first quarter.

The sale will be made through a tender process which is open to foreign telecom operators and listed Kuwaiti companies that are not running telecom networks.

Kuwait's Bayan Investment Company and International Financial Advisors were also arranging alliances to bid for the stake, the paper said.

Half the new company's shares will be sold to the public after the tender, the government said on Thursday.

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code