Thursday, Nov 29, 2007
Gulf News
Riyadh: Saudi Telecom Company (STC) has won a 26 per cent stake in Kuwait's third mobile telecommunications operator, the company said in a statement.
According to the Kuwait Investment Authority, STC's bid of $911 million, was the highest among nine companies and groups that bid for the stake, including etisalat, Turkey's Turkcell, and a consortium of Bahrain Telecommunications (Bat-elco) and Islamic firm Investment Dar.
Other bidders were Kuwait's Global Investment House, and a group including Commercial Bank of Kuwait.
This is the second overseas investment for STC which has already formed a partnership with the key owners of Maxis telecom company of Malaysia.
Gulf News 2007. All rights reserved.
