Kuwait: Noor Telecom K.S.C.C. announced that it has signed a definitive agreement to acquire a stake in Mint Technology Corporation’s subsidiary in the Middle East, a leading provider of prepaid and payroll card solutions in the UAE and in Saudi Arabia. The agreement is subject to a set of regulatory and performance conditions.
The prepaid and payroll card is an attractive market, and with this partnership, Noor Telecom and Mint will be well positioned to identify, evaluate and pursue opportunities in the MENA and South Asia regions.
Mint CEO, Mr. Chris R Hogg said, “This is another milestone in the expansion of Mint’s prepaid and payroll card business in the Emerging Markets at a time when the business has turned cash positive with securing not only expansion capital but also a valuable partnership with one of the Middle East’s most respected companies”.
Mint recently announced its 950th client contract in the Middle East. Mr. Chris R Hogg said in July, “Mint continues to position itself as the leading independent provider of payroll card products in the Gulf and we will be investing significantly in growing both our sales and operations resources over the next 2 quarters to handle the demand, particularly now from the small to medium size business clients.”
This partnership is considered to be a major step for Noor Telecom in achieving its strategic vision and goals in terms of investments and expansion.
About Mint Middle East
Mint Middle East, LLC is a subsidiary of Mint Technology Corporation, Canada’s first provider of prepaid credit card programs. Mint Middle East operates in the UAE and in Saudi Arabia with headquarters based in the Dubai International Financial Center.
About Mint Technology Corporation
Mint Technology Corp. is a pioneer in prepaid financial products and services and is Canada’s first provider of prepaid credit card programs. As a MasterCard® Member Service Provider, Mint works with business partners to customize prepaid credit card programs that are tailored to meet a company and its card holder’s needs. Mint has developed a secure, robust payments platform that provides an improved means to handle and manage financial transactions. Mint also provides services for those clients looking to move towards ‘next generation’ payment methods that include chip, internet, data mining and mobile phone load and remittance technologies. Mint’s prepaid card products include general spend for the underserved, youth and employee payroll. Stock Symbol: MIT on the TSX Venture Exchange.
About NoorTelecom
Noor Telecom Company K.S.C.C. is a Kuwait-based closed-shareholding company that has been created in 2007 under the impetus of Noor Financial Investment Company. Noor Telecom’s objective consists of delivering superior returns to its shareholders by directly investing in the Telecommunications and Technology sectors. In the course of 2008, Noor Telecom has increased its capital to KD 100 million.
