Dubai-headquartered MVNO Friendi reportedly plans to launch an IPO in 18-24 months.
The group, which has operations in Oman, Jordan and Saudi Arabia, is assessing various markets and is optimistic about the medium to long-term outlook for the Middle …
Dubai-headquartered MVNO Friendi reportedly plans to launch an IPO in 18-24 months.
The group, which has operations in Oman, Jordan and Saudi Arabia, is assessing various markets and is optimistic about the medium to long-term outlook for the Middle East, CEO Mikkel Vinter told Reuters in an interview.
Vinter declined to disclose what bourses it might list on, or its exact ownership structure.
Reuters reported that local partners own 20%-40% of its Oman and Jordan operations. Shareholders of its parent group reportedly include investment firm National Technology Enterprises Co, which is part of Kuwait’s sovereign wealth fund and Millennium Private Equity, which is owned by Dubai Islamic Bank.
Omani holding group Dolphin International is also a minority shareholder in both Friendi’s parent group and subsidiary in Oman, added the report.
A spokesman was unable to comment before the press deadline.
In early November, Antti Arponen, CEO of Friendi’s Oman subsidiary, told Omani newspaper Muscat Daily that the group was on track to expand across the Middle East and North Africa regions.
The Friendi spokesman said the group was expecting to add a couple of countries next year to its geographical coverage, although the group had yet to secure further MVNO licences.
