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Thu 10 May 2007 12:34 AM

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Kuwait bourse ends MTC probe

Decision on MTC probe is expected within 10 days.

The Kuwait Stock Exchange has concluded a probe over of record volume of trade in shares of Mobile Telecommunications Co., but is yet to publish the findings, a bourse official said on Wednesday.

"The probe is finished and a report has been submitted to the bourse for a decision to be taken," the senior official who did not wish to be identified told Reuters.

"A decision is expected to be made within 10 days," he said without disclosing what the probe found.

The exchange launched an investigation into a record volume of trade in MTC shares on April 18. Reuters data showed some 532 million MTC shares, accounting for more than half the total traded on the exchange, and worth around 1.7 billion dinars changed hands on that day.

MTC has said it could not explain the rise in trade volume.

Kuwaiti newspapers have said Saudi or United Arab Emirates investors were interested in buying at least 10 percent of MTC, the Arab world's second largest mobile telecom firm by market value.

MTC shares, the Gulf's best performing telecom stock this year, closed unchanged on Wednesday at 3.940 dinars.

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