Under the terms of the offer, MTC has agreed to acquire the remaining 15 per cent of the outstanding shares in Celtel within two years. This acquisition confirms MTC's commitment to becoming a premier global telecommunications company and its ability to deliver in a challenging environment.
MTC entered into a binding agreement with the Celtel on March 29, 2005 to acquire 100 per cent of its issued capital of Celtel and launched a recommended cash offer to Celtel shareholders on March 31, 2005.
"MTC's corporate vision can be summarised as a three by three by three strategy for expansion. This ambitious growth plan is driving MTC from being a single operator in Kuwait at the end of 2002 to a global player in three stages - local, regional and global. We have allocated three years for the completion of each stage. The acquisition of Celtel takes MTC beyond the Middle East into Africa and has firmly placed the company as an international telecom operator," said Dr. Saad Al-Barrak, MTC Deputy Chairman and Managing Director.
MTC will manage Celtel as a separate operating entity and retain the existing Celtel management team and key board members. Dr. Mo Ibrahim, Celtel's founder and chairman will continue as the non-executive chairman and continue to work on his vision for Celtel. MTC now operates in 18 countries in the Middle East and Africa and provides its services to approximately 10 million subscribers.
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MTC completes Celtel acquisition
- Kuwait: Thursday, May 05 - 2005 at 14:25
- PRESS RELEASE
The Mobile Telecommunications Company (MTC)* has announced its acquisition of 85 per cent of the outstanding shares in Celtel International B.V. ('Celtel').
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*Mobile Telecommunications Company K.S.C. (KSE Ticker: TELE, KSE Stock Number: 605, Reuters Ticker: TELE.KW) (the "Company", "MTC")About MTC Group
Mobile Telecommunications Company (MTC) was founded in 1983, and today it is one of the largest mobile telecom operators in the Middle East and Africa, with more than 9.5 million customers in Kuwait, Bahrain, Jordan, Lebanon, Iraq, and 13 countries in Sub-Saharan Africa. MTC is listed on the Kuwait Stock Exchange.
In September 2002, MTC entered into a Partner Network Agreement in Kuwait with Vodafone, the world's leading mobile community, creating MTC-Vodafone Kuwait. In 2003, MTC continued its expansion with the acquisition of 96.4% of Fastlink of Jordan.
In 2003, MTC- Vodafone Bahrain was launched with the first 3G/EDGE nationwide network in the world. The MTC Atheer service was launched in southern Iraq, and today it also covers Baghdad.
The Government of Lebanon awarded the management of one of the country's two mobile networks (Mic2) to MTC in 2004. In March 2005, MTC acquired Celtel International, a Dutch communications network company with major interests in 13 Sub-Saharan African countries, in a deal worth US$3.36 billion.
The MTC Group now operates in 18 countries and has completed the first phase of its 3x3x3 strategy to become a global telecom operator with more than 15 million customers by 2011.MTC will continue to expand internationally through acquisitions, partnerships and green-field opportunities.
For more information, please contact:
Ibrahim Adel
Investor Relations Manager
MTC Group, Kuwait
Tel: +965 484 2000 ext. 1464
Rami Halawani/Shilpa Mathai
Polaris Public Relations
Dubai, UAE
Tel: +9714 3348522
Posted by Anne-Birte Stensgaard, Senior News EditorThursday, May 05 - 2005 at 14:25 UAE local time (GMT+4)
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