By: Ahmad Awad

Kuwait-Mubasher: Hits Telecom Holding has exerted huge efforts in the past period to decrease its losses to a maximum level, in line with developing its business activity, said chairman Saad Al Barrak.

The company’s accumulated losses to March reached KWD 29 million which accounted for 33% of the capital which stands at KWD 87 million, he added in a press conference held Monday.

The stock of Hits Telecom, which is listed on both KSE and DFM, is linked to the company’s performance. Thus, the firm is working on developing its business to make the stock more attractive to the investor in terms of its future value, the top official said.

Hits Telecom’s stock is being traded at 40 fils, amid high activity since mid-May.

Al Madina for Finance and Investment, which owns Hits Telecom, will witness a strategic cooperation in the coming period with a company specific in investments as well as developing the telecom and technology sectors.

The chairman clarified that this cooperation will be strategic not financial.

Traditional telecom operators in Kuwait was treated unfairly when they did not obtain internet licenses, Al Barrak said noting that this step motivated the firms to acquire internet companies as well as increase its market share in the telecom sector.

He expected the telecom sector to grow in the coming five years to reach a value of $3 trillion as compared to $1 trillion in the current time.

Translated by: Ingy ElSafy