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This payment finalizes a binding agreement entered into with the shareholders of Celtel in April 2005 to acquire the remaining 15% of the outstanding shares in Celtel within two years.
Under the terms of the agreement, MTC acquired 85% of the issued and outstanding shares of Celtel in April 2005 with a commitment to purchase the remaining 15% of the shares, making the whole deal worth $3.4 billion.
In a step that was described at the time as 'a record transaction between the Middle East and Africa' , the acquisition of Celtel, the leading cellular operator in sub-Saharan Africa, triggered the appetite of other regional and international cellular operators for sub-Saharan markets where mobile telecom penetration is still relatively very low, below 15%.
MTC's acquisition of Celtel has helped it achieve a big part of its ambitious vision of becoming a global cellular operator, opened up many promising markets and secured leadership for MTC in sub-Saharan telecom markets.
'MTC has built on Celtel's expertise in sub-Saharan markets to continue its expansion plan in emerging African markets, By acquiring what is now Celtel Madagascar in December 2005, increasing ownership to 100% of Sudan's Mobitel in addition to purchasing 65% of Nigeria's third operator (now 'Celtel Nigeria') in May 2006. We now have a footprint of 450 million potential customers in Africa,' said Dr Saad Al Barrak, CEO of MTC Group.
MTC has managed to quadruple Celtel's customer base in two years, increasing it from 5 million customers to 20 million in 14 sub-Sahara African countries which are: Burkina Faso, Chad, Republic of Congo, Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania, Uganda and Zambia.
MTC concludes the acquisition of 100 per cent of Celtel
Mobile Telecommunications Group K.S.C ('MTC') announces that it has become the holder of 100 per cent of the outstanding shares of Celtel International B.V ('Celtel') following the final payment of US$467 million.
- Kuwait: Tuesday, May 08 - 2007 at 08:10
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About MTC GroupMobile Telecommunications Company (MTC) is the pioneer of mobile services in the Middle East and now a major player in Africa. The company was established during 1983 in Kuwait as one of the region's first mobile operators, and since the initiation of our '3x3x3' expansion strategy in 2003, we have expanded rapidly becoming the 4th largest company in the world with a footprint in 20 countries (soon 21 with the Kingdom of Saudi Arabia).
As a leading mobile and data services operator in six Middle Eastern and 14 sub-Saharan African countries with 13,000 employees, we provide a comprehensive range of mobile voice and data services to over 29.7 million active individual and business customers.
MTC operates in Kuwait and Bahrain as mtc-vodafone, in Jordan as Fastlink, in Iraq as mtc-atheer, in Lebanon as mtc-touch, in Sudan as Mobitel and in 14 sub-Saharan countries in Africa as Celtel: Burkina Faso, Chad, Democratic Republic of the Congo, Republic of the Congo, Gabon, Kenya, Malawi, Madagascar, Niger, Nigeria, Sierra Leone, Tanzania, Uganda and Zambia.
The Parent Company and its subsidiaries (the Group) provide mobile telecommunication services under licenses from Governments of the countries in which they operate; purchase, deliver, install, manage and maintain mobile telephone and paging systems; and invest surplus funds in investment securities.
The group recorded revenues of KD 392.5 million (USD 1.356 billion) and net profit of KD 71.4 million (USD 246.6 million for the quarter ending March 31, 2007. The Kuwait Investment Authority owns 24.6% of the company's shares.
The Mobile Telecommunications Company KSC (the Parent Company) is a Kuwaiti shareholding company and its shares are traded on the Kuwait Stock Exchange. The Company's share price as at May 1, 2007 was 3.700 Fils, giving a Kuwait Stock Exchange market valuation for MTC of KD 7.013 billion (USD 24.25 billion).
Posted by Anne-Birte Stensgaard, Senior News EditorTuesday, May 08 - 2007 at 08:10 UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.
This Article was updated on Monday, May 28 - 2007
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Articles in this section are primarily provided directly by the companies appearing or PR agencies which are solely responsible for the content. The companies concerned may use the above content on their respective web sites provided they link back to http://www.ameinfo.com
Any opinions, advice, statements, offers or other information expressed in this section of the AME Info Web site are those of the authors and do not necessarily reflect the views of AME Info FZ LLC / Emap Limited. AME Info FZ LLC / Emap Limited is not responsible or liable for the content, accuracy or reliability of any material, advice, opinion or statement in this section of the AME Info Web site.
For details about submitting your stories, please read the guide - all content published is subject to our terms and conditions
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