Nine Bid for Kuwait License

Kuwait receives nine bids for its third mobile license

November 23, 2007

2 Min Read

KUWAIT CITY -- The Establishing Committee has issued an update on the Public Auction process of the sale of 26% share in the Third Mobile Telecommunications Company. The last date for submission of the bids was November 18, 2007.

The Establishing Committee has received 9 bids for the 26% share of the Third Mobile Telecommunications Company. The following Tender Participants submitted their bids, in no particular order: (1) Saudi Telecom (2) Emirates Telecommunication Corporation (Etisalat) (3) Turkcell (4) The Consortium comprised of Kuwait Finance House, AREF Investment Group and Kuwait and Gulf Link Transport Co. (5) Batelco Kuwait Consortium comprised of Bahrain Telecommunications Company and The Investment Dar K.S.C.C. (6) The Consortium comprised of Noor Financial Investment Company, Petra Jordanian Mobile Telecommunications Company and Commercial Bank of Kuwait (7) Dhow Communications Consortium comprised of Kuwait Cable Vision and Iraq Holding (8) Global Investment House (9) The Consortium comprised of National Industries Group and Kuwait Privatization Projects Holding Co.

The Establishing Committee conducted the evaluation of the bids on November 19, 2007 and all the Tender Participants who have met the minimum requirements of the Law No. 2 of 2007 and the terms and conditions of the Tender Document will be sent an invitation inviting them to participate in the Public Bid Presentation, which will be held on November 27, 2007. The Financial Bids of such Tender Participants will be opened and announced at the Public Bid Presentation and the name of the winning Tender Participant that has submitted the highest bid, will also be announced.

It is the expectation of the Establishing Committee that the Financial Bids submitted by the Tender Participants have been based on the Participants' evaluation of the market prices and market dynamics. The role of the Estabilishing Committee is to conduct the Public Auction process in a fair and transparent manner and to create a favourable environment for all the Tender Participants. The Establishing Committee's role does not include setting any expectations related to the Financial Bids or providing any indications on the ranges of the Financial Bid amounts.

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