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Fri 1 Jun 2007 12:00 AM

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Showtime IPO unlikely this year

Kuwait Projects Company said it may sell shares of its satellite TV network, Showtime Arabia to the public in 2008, two years later than initially planned.

Kuwait Projects Company said it may sell shares of its satellite TV network, Showtime Arabia to the public in 2008, two years later than initially planned.

Kipco chief executive, Faisal Al Ayyar, said that it was more likely in 2008. However, a final decision would be made at the end of the year. ‘We need a certain [stock market] stability,' Ayyar said.

The network is owned by Gulf DTH, which is a joint-venture between Kipco and US media conglomerate, Viacom. Ayyar declined to give a valuation for Showtime Arabia, which sources in 2005 put at US $2 billion.

US banks, Morgan Stanley and Goldman Sachs, which have been mandated to manage the IPO, will decide on an exact IPO date.

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