Hits Telecom considers USD300m rights issue

9 Apr 2008

Saudi-owned House of Integrated Technology and Systems (Hits) Telecom, a company with start-up operations in a number of African and Middle Eastern countries, is studying a USD300 million rights issue on the Kuwait market. ‘Hits Telecom is a global company that invests in strong, high growth communications market opportunities,’ said chairman Dr Sultan Bahabri. ‘By participating in the Kuwaiti stock exchange, we believe that we can gain the benefit of trading our shares in a well regulated, sophisticated and respected Middle East market. And we believe that Hits Telecom’s strong management team, aggressive global growth strategy and wide spread of assets and opportunities offer investors a truly stellar opportunity.’ The company expects that approximately 50% of the stock in Hits Telecom will be offered in a rights issue, raising around USD300 million.

Saudi Arabia, Africell Uganda, GreenCom (Muni), Y-GSM