(Associated Press via NewsEdge) Saudi Telecom has won a bid for a 26% stake in Kuwait's third mobile telecommunications operator, the Kuwait News Agency said.
The state-owned KUNA quoted Adel al-Roumi, the president of the firm's founding committee, as saying Saudi Telecom made the highest bid for the share of the firm at 248.7 million dinars ($911 million). The second highest bid came from the Kuwait Finance House, a local Islamic banking institution, at 195.1 million dinars ($714.65 million), the agency said.
Another 50% of the firm's shares will be offered to the public in February, al-Roumi said. The rest company, which has not yet been given a name, will be held by the Kuwaiti government.
Saudi Telecom is the largest provider of telecommunications services in neighboring Saudi Arabia.
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