MTC investment expected

30 Jul 2007

Speculation is growing that Kuwait’s MTC Group is preparing to sell off a 10% stake to a Saudi investor. The unnamed investor is also thought to be interested in acquiring a 25% interest in MTC’s pan-African mobile subsidiary Celtel. Kuwaiti newspapers say the deal is set to be announced in September. The speculation has been behind a rapid rise in MTC’s share price, which has grown 90% so far this year. MTC itself has not commented on the rumoured share sale. The operator recently won Saudi Arabia’s third cellular licence and plans to launch its first services there next year.

Kuwait, Zain Group