According to an announcement by the Kuwait Stock Exchange (KSE), Khaled Al-Mutawa, chairman of Kuwait-based HiTS Telecom, has confirmed that the telco seeks to develop its operating performance and diversify sources of income in order to maximise returns and profit. As previously reported by CommsUpdate, HiTS posted a FY12 net loss of KWD5.75 million (USD20.11 million), compared to earnings of KWD218.7 million in 2011. At the company’s ordinary general meeting this week, shareholders approved the withholding of dividends for FY12. A new board was also elected for the next three-year term.
According to TeleGeography’s GlobalComms Database, publicly-listed Kuwait-based HiTS owns a number of mobile network operators across Africa. Through its HiTS Africa arm, the company has invested in operations in Tanzania, Equatorial Guinea (both HiTS Telecom), Liberia (Atlantic Wireless [Libercell]), the Democratic Republic of Congo (Sematel). HiTS Telecom Burundi received a GSM licence in January 2008, but saw its concession stripped by the regulator in September 2012. Elsewhere, in 2008 HiTS incorporated HiTS Europe, after acquiring 51% of Spain’s Metrored Movil, which was subsequently renamed HiTS Spain. 2008 also saw the incorporation of HiTS South America.