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Saudi mobile firm plans IPO to fund expansion

Itsalat International (i2), the largest mobile phone distribution company in the Middle East and Africa with operations in as many as 23 countries, plans to come out with an initial public offering towards the end of 2008, one of the company's biggest stakeholders said recently.

  • By Himendra Mohan Kumar, Staff Reporter
  • Published: 01:15 December 30, 2007
  • Gulf News

Abu Dhabi: Itsalat International (i2), the largest mobile phone distribution company in the Middle East and Africa with operations in as many as 23 countries, plans to come out with an initial public offering towards the end of 2008, one of the company's biggest stakeholders said recently.

"We propose to get i2 listed on the Saudi Tadawul Exchange. Saudi Arabia's Capital Markets Authority will decide on how much of the company could be sold through the IPO," Dr. Karim Al Solh, chief executive officer of the Abu Dhabi-based regional private equity firm, Gulf Capital, told Gulf News.

UAE venture

Gulf Capital, the highest capitalised investment company in the UAE, bought a 15 per cent stake in the Saudi Arabia-based i2 for $150 million in July 2006 to capitalise on the boom in the telecommunications industry, fund its expansion plans across the region and into Africa and increase its market share by pursuing other telecom-related ventures.

i2's current sales of 7 billion Saudi rials makes it one of the top global players in the telecom industry. A group of five Saudi businessmen holds 85 per cent of the company.

Gulf Capital secures funds from pension funds, banks, insurance companies, family businesses and leading businessmen across the Gulf region.

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