Saudi Telecom Co, the largest Arab telecom by market value, said it has made a bid for a stake in Kuwait’s third mobile telephone firm on the last day of the bidding process.
“Entering the Kuwaiti market would boost the integration of the telecommunications networks in the two countries,” Saudi Telecom said in a statement posted on the Saudi bourse Web site late on Sunday.
The Kuwait Investment Authority, which is managing the sale of the 26% stake, has set Nov. 18 as the deadline for receiving bids.
The new operator would compete with Mobile Telecommunications Co and National Mobile Telecommunications Co (Wataniya). (Reuters)
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