MTC to list international arm on LSE

2 Jul 2007

UK newspaper The Times reports that Mobile Telecommunications Company (MTC), a Kuwaiti cellco with over 30 million subscribers in 20 countres, hopes to float its international vehicle MTCI on the London bourse some time in 2008. In a visit to London today, MTC CEO Saad al-Barrak is expected to outline plans to raise approximately GBP2 billion (USD4 billion) from the float. He will also unveil plans for a rebranding under which the group will drop the Vodafone name from its operations in Bahrain and Kuwait. The move is thought to have been prompted by a desire to further distinguish itself as a strong player in its own right. The group will also announce its intention to compete for licences against Vodafone. MTC is listed on the Kuwait stock exchange, but the international division MCTI, created as part of MTC’s 2005 acquisition of pan-African cellco Celtel, is currently privately-owned.

Kuwait, Zain Group