MyAdhan Blog

Link:Kuwait: Noortel’s offer 95.2 percent subscribed, closes June 29

Private placement of Noortel will close on June 29, and 95.2 per cent out of the total capital, has already been subscribed, says Ayman Al-Bannaw, an official of the company. Affirming that the deadline for subscription will not be extended, Al-Bannan told a press conference that investors should buy a minimum of 25,000 shares and that they can be obtained at any of the KFH outlets. Al-Bannaw said Noortel will begin operations in the last quarter of 2008 and although the operations of the company are diversified, telecommunication sector remains the company’s mainstay. Noting that the Noortel is focusing on emerging markets, he said the company is exploring investment opportunities in India, China and Pakistan and added that the company is presently the largest share holder of Misssan bank, an Islamic bank in Pakistan. “We believe there are lots of investment opportunities in the region and we would like to capitalize on them as much as we can. All investment opportunities are undertaken by Noor Investment, which then presents them to the board members of Noortel for their consideration. Noortel is also looking at some investment opportunities in Kuwait,” he added. Regionally, he said, Noortel is eyeing to become a major telecom player by investing in different telecommunication domains such GSM, ISP services, telecom infrastructure, value added services, among others in addition to building synergies among telecom companies. Al-Bannaw said Noortel has invested in telecom companies in Europe, which offer cutting edge technologies with the aim of utilizing the same in the region and added that the European companies have tremendous investment potential in the region.