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.
“We are investing aggressively in our regional expansion,” said Wataniya Chairman, Faisal Al Ayyar. “To this end, the board has recommended a stock dividend of 6% be put forward to the General Assembly. This reflects our aim to build long term shareholder value through strategic investments in regional opportunities.”
As well as expanding its service offerings in the Kuwaiti market, Wataniya has delivered strong regional growth throughout 2003, winning licenses to operate networks in Iraq and Algeria. The company is actively pursuing other regional license opportunities and partnerships to further build its regional portfolio.
“Wataniya has embarked on a strategy of investing in new technologies that bring value added services to its subscribers and this has consolidated our firm leadership in the Kuwaiti market,” said Wataniya Telecom managing director David Murray. “Moving forwards, we will be driving new services and capabilities for subscribers based on the most advanced mobile data and communications platforms in Kuwait.”
Additionally, the board approved a rights issue of stock to named shareholders allowing the purchase of shares at a preferential rate of KD 1.5 per share rather than the current market price (standing at KD 2.6 as of this date). This issue will take place on the date of the General Assembly.
“Wataniya’s stock remains a long term investment in regional growth,” said Al Ayyar. “We’re expanding our market in Kuwait by continuing to be a growing, competitive driver of value added services and new mobile applications. At the same time, we’re building strong regional investments for the long term.”
Thursday, January 29- 2004 @ 11:03 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.