Wataniya board agrees to continue investment in regional market growth
The board of Wataniya Telecom, meeting this week in Kuwait, has outlined the company's strategy to continue investing in the expansion of the Middle East regional GSM mobile market, as well as driving for new services and capabilities in the Emirate.
The board also finalized its recommended dividend to shareholders based on its commitment to a continued expansion and a long-term strategic view of its investment in regional markets. “The board has recommended a stock dividend of six percent be put forward to the General Assembly,” said Wataniya Chairman, Faisal Al-Ayyar. “This reflects our aim to build long term shareholder value through strategic investments in regional opportunities.”
Additionally, the board approved a rights issue of stock to named shareholders allowing the purchase of shares at a preferential rate of 1.5 Kuwaiti dinars per share rather than the current market price. This issue will take place on the date of the General Assembly.
Launched in December 1999 as the second licensed GSM provider, Wataniya Telecom has a market capitalization exceeding $995 million. The company has over 800,000 subscribers in Kuwait and over 500,000 in Tunisia. — (menareport.com)
© 2004 Mena Report (www.menareport.com)