Kuwait’s Mobile Telecommunications Company (MTC) has completed of the acquisition of 91.6 percent equity interest in Jordan Mobile Telephone Services Company (Fastlink). The purchase, valued at $423.9 million raises MTC's equity interest in Fastlink from 4.9 percent to 96.5 percent.
National Bank of Kuwait (NBK) has acted as the sole financial advisor to MTC in connection with the stake purchase, which was originally held by Orascom Telecom Holding (OTH).
The acquisition was first announced on the December 23, 2002 and has been the topic of several discussions in the regional and international arenas, given the significant size of the transaction and the confidence it instills in the investment climate of Jordan.
MTC was established in June 1983 with the mission of providing mobile telephone and paging services in Kuwait on a commercial basis. Starting with a subscriber capacity of only 30,000, MTC now serves over 600,000 customers in Kuwait. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
