Mobile operator hopes to raise $50m
Mobile telecoms operator Wataniya Palestine will launch its initial public offering (IPO) on 7 November, according to Reuters citing a source close to the listing.
Wataniya Palestine hopes to raise $50m through offering 15 per cent of its 170 million shares, with a further 15 per cent to be offered to the public within four years, the source said.
With a paid-up capital of $817m, its listing is expected to play a key role in deepening the Palestine Exchange (PEX).
Wataniya is 53 per cent owned by Qatar Telecom (Qtel) and 47 per cent owned by the Palestine Investment Fund (PIF) – stakes that will drop to 40 and 30 per cent respectively after the full 30 per cent is sold to the public.
There have been three listings on the exchange so far this year. This includes Al-Wataniah Towers Company, a real estate subsidiary of the National Insurance Company (NIC), along with the listings of Palestine Insurance Company and the Ramallah Summer Resorts Company.
Today there are 41 companies listed on the PEX with a combined market capitalisation of roughly $2.5bn.
In mid-July, the PEX also began work on setting up a national clearing and depository company, which will operate as a subsidiary of the exchange. It is in discussions with potential partners and expects to conclude these talks in early 2011.
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