29 May 2007
Shares in the Kuwaiti cellular group MTC have seen record volumes of trading in the first few months of this year as the company’s growth plans fuel investor confidence. MTC shares closed at a 15-month high at the end of last week, up 98% since the start of this year, to KWD4.38 (USD15.22), with prices rising by the maximum allowed level for four consecutive days last week. The group has embarked upon a massive expansion plan which it has labelled ‘3x3×3’. The strategy incorporates three separate three-year stages which are focussed on transforming MTC from a regional telco to a global player. At the end of March MTC Group companies were serving just under 30 million active cellular subscribers, up 95% year-on-year. A consortium headed by MTC won Saudi Arabia’s third mobile licence earlier this month with a bid of USD6.12 billion.