MTC Buys Jordan's Fastlink

Mobile Telecommunications Company Kuwait to acquire 91.6% equity interest in Fastlink Jordan from Orascom Telecom for US$423.9M

December 27, 2002

1 Min Read

KUWAIT CITY -- Mobile Telecommunications Company K.S.C. ("MTC") has signed an agreement with Orascom Telecom Holding S.A.E. ("OTH") to acquire its 91.6 percent equity interest in Jordan Mobile Telephone Services Company Ltd. ("Fastlink"). MTC currently owns 4.9 percent equity interest in Fastlink. The consideration is US$ 423.9 million in total. The acquisition, which is subject to the regulatory approval of the Telecommunications Regulatory Commission of Jordan ("TRC"), is expected to be completed by the second week of January 2003, at which point MTC will hold indirectly approximately a 96.5 percent equity interest in Fastlink. National Bank of Kuwait S.A.K. ("NBK") has acted as the sole financial advisor to MTC in connection with this transaction. Commenting on the acquisition, Dr. Saad Al-Barrak, Director General of MTC, said: "The acquisition of Fastlink represents the first initiative taken by our company to implement our regional expansion strategy. We believe that the Jordanian market represents an attractive investment opportunity and that both MTC and Fastlink will benefit from synergies arising from such an acquisition." Dr. Barrak added: "We were very much attracted by Fastlink's solid market position, the quality of its management team, and its commitment to provide excellent telecommunication services to the Jordanian public." Dr. Al-Barrak also thanked NBK for devoting substantial resources to ensure the success of this transaction. Mobile Telecommunications Co. (MTC) Fastlink - Jordan Mobile Telephone Services Co. Ltd.

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