Kuwait’s HITS Telecom listed at Dubai Financial Market
Dubai Financial Market (DFM) has announced the listing of Kuwait’s HITS Telecom Company. The company shares commenced trading on Wednesday, December 23rd 2009, under the trading symbol “HITSTELEC”, which appears on DFM screens, trading systems and publications within the telecommunication sector.
The new listing of HITS Telecom, which is the first non-UAE telecom company to join DFM, brings the total number of securities listed on the exchange to 88, including 66 public shareholding companies and further increases the number of Kuwaiti companies listed on DFM to 17.
Essa Kazim, Executive Chairman, Dubai Financial Market; Dr. Sultan Bahberi, Chairman of HITS Telecom Holding and senior representatives from both sides attended the listing ceremony.
Commenting on this development, Kazim said: “We are delighted to welcome HITS Telecom to DFM, which offers greater opportunities for our investors and further strengthens the telecommunications sector on the market.. Today’s listing reinforces DFM’s position as the market of choice for Kuwaiti companies seeking a dual listing, it reflects the high level of confidence businesses have in our exchange and the role DFM plays to support the growth story 0f successful companies.”
“Dubai Financial Market is constantly looking to expand and diversify the opportunities available to investors by encouraging and partnering with companies from around the region, active in different sectors to benefit from trading on the region’s leading stock exchange. Undoubtedly, regional companies look upon DFM as an attractive exchange with a proven track record of professionalism and state-of-the-art facilities. These companies are keen to capitalize on their growth through a trading and fundraising channel by listing on DFM.” Kazim added.
Khalid Al-Mutawa, Vice-Chairman, HITS Telecom company, said: "The listing of HITS Telecom on DFM has many positive implications supported by the strong economy in the UAE in general, and Dubai in particular, as the emirate’s leadership has a clear vision for the economic path. Furthermore, listing on a highly regulated, active and liquid exchange constitutes unlimited value-added benefits including the expansion of our shareholders base by attracting new partners, not only from the local market but also from other regional markets.”
“HITS Telecom is actively involved in a strategic plan to target new markets in line with its goal to grow within the telecommunications sector. Undoubtedly, this expansion will have significant benefits for the company, as some of its regional subsidiaries will be operational in the near future,” he added.
Founded in Kuwait in 1999, HITS Telecom has been listed on the Kuwaiti Stock Exchange since 2004 with its main activity focused on managing its various companies and subsidiaries across the group. Currently, HITS Telecom owns and operates companies across four continents, with a focus on the emerging/developing markets . The company’s business in Africa and Latin America is mainly concentrated on the mobile network operations (MNO), while its activities in the Middle East and Europe are focused on the virtual networks (MVNO).