The license shall be granted on 22 April 2003 to a Bahraini company by the name of MTC Vodafone Bahrain, which will be 60% owned by MTC and 40% owned by Bahraini institutional and individual investors. Vodafone, the largest mobile operator in the world, will enter into Cooperation Agreement with Company after the license award.
National Bank of Kuwait (NBK) acted as the sole financial advisor to MTC in connection with the application.
The TRA had received 10 applications for the license from various international and regional applicants on or before 5 March 2003 and decided to shortlist 3 applicants, including the MTC Vodafone Bahrain on 26 March 2003.
Commenting on the award of the license, Dr. Saad Al-Barrak, Director General of MTC said 'We are really impressed with the process that the TRA followed leading to the award of the license and wish to commend the professionalism displayed by TRA Chairman, Dr. Mohammed J.K. Alghatam, and his staff.' Dr. Al-Barrak added: 'We believe that the second license in Bahrain offers an attractive opportunity and that the services which MTC Vodafone Bahrain intends to make available will take the mobile market in Bahrain to new highs not seen elsewhere in the region. We are also committed to creating significant job opportunities to Bahrainis and training them in accordance with international best practice.'
Mr. Ibrahim Dabdoub, Chief Executive Officer of NBK said 'We would like to thank MTC for retaining NBK as the sole financial advisor on this assignment. Bahrain remains the most stable and attractive regulatory climate in the GCC as evidenced by the high level of interest shown for this second mobile license.' We are sure that the MTC-Vodafone Bahrain offerings will expand telecommunications services in the Kingdom of Bahrain, added Dabdoub.
MTC-Kuwait wins second mobile license in Bahrain
Mobile Telecommunications Company (MTC) announced today that it has been selected by the Telecommunications Regulatory Authority (TRA) as the preferred applicant for the award of the second mobile license in the Kingdom of Bahrain.
- Kuwait: Sunday, April 20 - 2003 at 15:28
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For further information, please contact:Mr. Haitham Suliman Al-Khaled
Deputy GM, Business Development Group
Mobile Telecommunications Company K.S.C.
P.O. Box 22244 Safat, 13083 Kuwait
Tel: + 965 - 481 7858, + 965 - 969 0069
Mr. George Nasra
General Manager - Investment Banking
Asset Management & Treasury
National Bank of Kuwait S.A.K.
PO Box 95 Safat, 13001 Kuwait
Tel: + 965 - 979 - 5166
• About Mobile Telecommunications Company K.S.C.
Mobile Telecommunications Company K.S.C. was founded in 1983 and is the largest mobile operator in Kuwait with over 650,000 customers. MTC is currently the second largest listed company on the Kuwait Stock Exchange with a market capitalization of approximately US$ 3.2 billion as of 20 December 2002. MTC recently launched a multi-media messaging service, the first in Kuwait and the Gulf area. MTC pioneered mobile and paging services in Kuwait, starting with the ETACS system and the GSM 900/1800 MHz. The Company continues to provide its customers with the latest advancements in technology and more importantly it constantly improves customer services and benefits. MTC constantly seeks to forge partnerships with key global companies to bring the best products and services to Kuwait and the Middle East.
• About National Bank of Kuwait S.A.K.
NBK was founded in 1952 as the first indigenous bank and the first joint stock company in Kuwait and the Gulf Region. It is by far the largest financial institution in Kuwait with an effective market dominance in the retail and corporate banking market. NBK stands out in Kuwait and among Arab banks in terms of its local and international network, which includes branches, subsidiaries and representative offices in London, New York, Paris, Geneva, Bahrain, Beirut, Singapore, Vietnam and Thailand, with other ambitious plans for regional expansion. With capital resources in excess of KD 380 million ($1.3 billion), NBK is ranked amongst the top 300 banks in the world and the fourth amongst Arab banks. In 2002, NBK reported a record net profit of $355 million (one of the most profitable banks in the Arab World) with a return on average equity of 25.4% and total assets of $14.6 billion. It has consistently received the highest all-round credit rating awarded to any bank in the Middle East by the major rating agencies including Moody's, Standard & Poor's, FitchRatings, and Capital Intelligence. A recent upgrade by Moody's now makes NBK the highest rated bank for financial strength among all Emerging Market banks.
P.O. Box 95, Safat 1300, Kuwait
Tel: (965) 2460 168 - Fax: (965) 2465 190
www.nbk.com
Posted by Anne-Birte Stensgaard, News EditorSunday, April 20 - 2003 at 15:28 UAE local time (GMT+4)
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This Article was updated on Thursday, September 18 - 2003
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