Kuwait’s Noortel, a unit of investment firm Noor Financial, aims to raise 53.9 million dinars ($203.3 million) in an initial public offering that ends in June, Al-Rai newspaper reported on Thursday.
The firm, which aims to use the proceeds to make telecom acquisitions in Oman, Bahrain and Jordan, is offering 490 million shares at 100 fils each and a 10 fils premium, equivalent to 49% of the company’s share capital, the newspaper said, citing unidentified company officials. There are 1,000 fils in a dinar.
Noor Financial, its parent company – National Industries Group, and other investors will own the remaining 51% of the firm, the newspaper said. The sale is open to all nationalities and ends of June 6, the newspaper said.
Officials at Noor Financial could not immediately be reached for comment when Reuters called.
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