du close to the 30 percent market share by the end of 2008
Dubai-based telecom operator du said on Tuesday it expected to get near to a 30 percent market share by end-2008, a year ahead of schedule, and will make a decision on its financing needs by year-end.
The second mobile operator in the United Arab Emirates said in November it had reached 1 million customers after nine months of operations, accounting for about 15 percent of the market.
"We are not only on track, but we expect to beat the initial plan we have set as our target," Chief Executive Officer Osman Sultan told Reuters. "We expect to be close to the 30 percent market share by the end of 2008."
Sultan said du planned to tap either the equity markets or debt markets to help finance its expansion.
"The board of directors is looking as we speak at the different options for the funding necessary to meet our accelerated growth," Sultan said, declining to say how much the operator would need or what type of financing it would opt for.
"Before the end of the year some kind of decision will be taken," Sultan said.
Two of du's shareholders, Mubadala Development Co and Tecom Investments, have expanded into the telecommunications sector overseas this year.
"With our two reference shareholders having some international interest in telecommunications, obviously there will be some synergies with du later on, but when and what format...that is a decision for the board," Sultan said, declining to be more specific. (Reuters)
The second mobile operator in the United Arab Emirates said in November it had reached 1 million customers after nine months of operations, accounting for about 15 percent of the market.
"We are not only on track, but we expect to beat the initial plan we have set as our target," Chief Executive Officer Osman Sultan told Reuters. "We expect to be close to the 30 percent market share by the end of 2008."
Sultan said du planned to tap either the equity markets or debt markets to help finance its expansion.
"The board of directors is looking as we speak at the different options for the funding necessary to meet our accelerated growth," Sultan said, declining to say how much the operator would need or what type of financing it would opt for.
"Before the end of the year some kind of decision will be taken," Sultan said.
Two of du's shareholders, Mubadala Development Co and Tecom Investments, have expanded into the telecommunications sector overseas this year.
"With our two reference shareholders having some international interest in telecommunications, obviously there will be some synergies with du later on, but when and what format...that is a decision for the board," Sultan said, declining to be more specific. (Reuters)
No comments:
Post a Comment