Kuwait's MTC wins third mobile phone licence in KSA
Wednesday, 13 June 2007
RIYADH, June 12 (AFP): The Saudi cabinet yesterday awarded the kingdom's third mobile phone licence to Mobile Telecommunications Co (MTC) of Kuwait, the state news agency SPA reported.
It said the contract went to MTC's consortium which will operate under the name of Saudi Mobile Telephone Co with capital of 14 billion riyals (about 3.73 billion dollars).
The consortium made the highest bid of 6.1 billion dollars for the licence, ahead of six other competitors, according to Saudi Arabia's Communication and Information Technology Commission.
"The investment is part of our strategic plan to become a true global company," MTC chief executive officer Saad al-Barrack told reporters earlier this year.
It said the contract went to MTC's consortium which will operate under the name of Saudi Mobile Telephone Co with capital of 14 billion riyals (about 3.73 billion dollars).
The consortium made the highest bid of 6.1 billion dollars for the licence, ahead of six other competitors, according to Saudi Arabia's Communication and Information Technology Commission.
"The investment is part of our strategic plan to become a true global company," MTC chief executive officer Saad al-Barrack told reporters earlier this year.