Kuwait’s MTC eyes Saudi, Egyptian telecom markets

Kuwaiti mobile giant MTC, which operates in 18 countries in the Middle East and North Africa, is eyeing the Saudi and Egyptian market for further expansion after the company reported a profit of 136.4 mln Kuwaiti dinars (466.6 mln U.S. dollars ) for the first nine months of the year.

Revenues were KD 396.2 mln (1,355.1 mln dollars), an increase of 67% from the same period last year.

MTC chairman Asaad Al-Banwan said that the enhanced financial position had prompted the company to evaluate attractive expansion opportunities over the next 18 months, including the anticipated issuing of third licenses in Saudi Arabia and Egypt.

“MTC is positioned to exceed the expectations of even its most ardent supporters in Kuwait, indicating that dreams and visions formulated three years ago have materialized,” he said.

He said he expected to conclude the “share rights offering” that was approved by shareholders in August to raise more than KD 675 mln to prepay the Celtel acquisition-related debt.

In May, MTC completed the 3.4 bln dollar acquisition of Celtel, an African operation spread across 13 sub-Saharan countries, from the two Congos to Kenya, Malawi, Sudan and Sierra Leone.

The company now has 12.45 mln customers in the Middle East and Africa.

MTC Vodafone Kuwait added 15 thousand customers during the third quarter; MTC Vodafone Bahrain added 25,000 customers and clinched an estimated 22% market share.

In Iraq, MTC Atheer added 351,000 customers.

The company also has subsidiaries in Jordan and Lebanon. (dpa)