Kuwait delays bids deadline for new cellco again

31 Aug 2007

For the second time in a month, Kuwait has delayed a deadline for companies to bid for a stake in its third mobile phone operator and said it would change the way the sale was conducted. Kuwait initially asked foreign operators and local non-telecom firms to submit bids by 7 August for a 26% stake in the new cellco set up by the government. It then moved the deadline to 7 September. It has now been delayed again, with no new date set. State-owned Kuwait Investment Authority said in a statement that the tender process was under review and new guidelines and dates would be announced on 7 September. The Kuwait Investment Authority heads the committee that set up the new operator, of which the government will sell 50% in an initial public offering (IPO), 26% to an investor and keep the rest.