Saudi Telecom Company (STC)'s subsidiary in Kuwait is to sell off a 25 percent stake worth KWD25 million ($93 million) prior to a flotation on the Kuwait Stock Exchange later this year. The sale, which will begin on Aug. 22, comes as part of deal agreed when STC was awarded Kuwait's third national GSM license in November 2007. Kuwait Telecom, will also transfer a 25 percent interest to government-backed institutions including the Kuwait Investment Authority and the Public Institute for Social Security. STC's local partners will receive a 24 percent stake while the Saudi telco will retain a 26 percent share. Kuwait Telecom is expected to launch its first services by the end of 2008 and will compete with incumbent operators Zain and Wataniya.
