http://www.thepeninsulaqatar.com/Display_news.asp?section=Business_News&subsection=market+news&month=December2006&file=Business_News2006122503917.xml

Almarai, Kuwait's MTC to bid for Saudi mobile licence
Web posted at: 12/25/2006 0:39:17
Source ::: Agencies

Riyadh . Saudi Arabia's largest dairy firm Almarai said yesterday that 
it will bid with a group of companies led by Kuwait's Mobile 
Telecommunciations Co (MTC) for the third Saudi mobile phone licence. 
Riyadh-based Almarai is bidding to diversify its sources of revenue, it 
said in a statement on the Saudi bourse website. MTC, the third-largest 
Arab telecom company by market value, said in July it plans to bid for 
the Saudi mobile phone licence. Shares of Almarai surged 6.76 per cent, 
its biggest one-day gain in more than a week, helping lift the Saudi 
index. Almarai said in June it will invest SR4bn ($1.06bn) during the 
next five years, 60 per cent more than in the previous five years, on 
expansion plans. It did not give details at the time. In November, the 
company agreed to buy 75 per cent stakes in two Saudi bakeries. Saudi 
Arabia, the biggest Arab economy, delayed the deadline for bids for the 
mobile-phone license to February 24 from January 20 to give investors 
more time to prepare, the Communications and Information Technology 
Commission said on Saturday. "We saw it was in the interest of the 
market and investors to give an extension," Abdulrahman Al Fehaid, 
deputy governor of the CITC, said. The existing two mobile networks in 
the world's biggest oil exporter are run by Saudi Telecom and Etihad 
Etisalat, in which UAE operator Emirates Telecommunications Corp has a 
stake.

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