Saudi’s Council of Ministers approves MTC’s mobile bid

Saudi Arabia’s Council of Ministers has ratified the Mobile Telecommunications Co (MTC)-led application to be the third mobile operator in the Kingdom.

Saudi Arabia’s Council of Ministers has ratified the Mobile Telecommunications Co (MTC)-led application to be the third mobile operator in the Kingdom.

A consortium led by MTC Group was identified as the highest bidder for the third mobile licence in Saudi Arabia in March earlier this year after placing a US$6.12 billion bid.

The new operator, called Saudi MTC, is to sell 40% of its shares in an initial public offering within 30 days of winning approval from the trade ministry, according to a report by Reuters.

MTC said in March that it would take a 25% stake in the new company.

Saudi MTC will compete on the Saudi mobile market with STC and Mobily.

Most Popular

Digital Edition

Subscribe today and get your copy of the magazine for free