IPO only open to locals

2 Oct 2007

The government of Kuwait has confirmed that a sale of shares in the country’s yet-to-launch third mobile operator will only be open to Kuwaiti nationals. The initial public offering (IPO) is due early next year and is being managed by the Kuwait Investment Authority. 50% of the cellco will be sold to the public; a 26% stake is currently up for sale to a strategic investor, with bids being invited until 18 November. The government will retain a 24% interest in the company which will compete with market leader Zain, formerly MTC-Vodafone, and Wataniya.

Kuwait, Ooredoo Kuwait, Zain Kuwait