MTC to launch rights issue

Kuwaiti telecoms powerhouse MTC Group is to hold a rights issue through which it hopes to raise around USD2.3 billion, according to AME Info. The issue will run from 19 to 30 November and is being managed by the National Bank of Kuwait. The proceeds will be used to repay loans taken out for the purchase of pan-African mobile group Celtel International and raise funds for future acquisitions; MTC is rumoured to be mulling the purchase of Nigerian cellco Vee Networks, amongst others.