Wataniya Palestine, the second largest mobile phone operator in the Palestinian Territories, is to IPO next month, reported Arabian Business.
The operator will offer approximately 40 million shares via public offering in November 2010, with the process…
Wataniya Palestine, the second largest mobile phone operator in the Palestinian Territories, is to IPO next month, reported Arabian Business.
The operator will offer approximately 40 million shares via public offering in November 2010, with the process to be handled by HSBC and several Palestinian banks. Currently Kuwait-based Wataniya Telecom, which itself is majority owned by Qatar’s Qtel, holds 57% of Wataniya Palestine.
Wataniya refused to confirm which market it was IPO-ing on, how much of its equity it was offering, how much it wanted to raise, what the money was to be used for, or the other advisers apart from HSBC.
Instead, the group emailed TelecomFinance a statement that read: “As a condition of its mobile license, Wataniya Palestine is obligated to undertake an initial public offering. The company is currently working closely with the relevant regulatory and governmental organizations and has appointed external advisors to assist in facilitating this process. The company will make further announcements relating to this, once specific details have been finalized.”
