Kuwait Telecom Raises $2.28B in Shares
An AFP newswire article, via Yahoo! News, reports that:
Kuwait's Mobile Telecommunications Company has raised 2.28 billion dollars in the largest shares issue in the oil-rich Gulf emirate, MTC chairman Asaad al-Banwan said.
The company sold 533 million shares to double its capital in order to finance expansion plans and the recent major acquisition of Dutch firm CelTel which operates in 13 African nations at a cost of 3.4 billion dollars.
The issue was meant to allow MTC to finance new acquisitions, as part of plans to become a global company, Banwan said in a statement.
posted by Fergie @ 12/05/2005 09:15:00 AM
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