MTC doubles capital, raising USD2.28 billion

6 Dec 2005

Kuwait’s Mobile Telecommunications Company (MTC) said it raised USD2.28 billion in the Gulf country’s largest ever share issue. The issue ran from 19 to 30 November and was managed by the National Bank of Kuwait. MTC doubled its capital by selling 533 million shares to pay for its recent purchase of pan-African mobile group Celtel and raise funds for future acquisitions. The group is rumoured to be mulling the purchase of Nigerian cellco Vee Networks, amongst others.

Kuwait, Zain Kuwait