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Wataniya Palestine shares set at $1.3 for Nov IPO

2010-10-31

Reuters - RAMALLAH, West Bank, Oct 30 - Mobile telephone operator Wataniya Palestine set a share price of $1.3 for its initial public offering on the Palestinian bourse next month, a source familiar with the matter said on Saturday. Wataniya Palestine, part owned by Qatar Telecommunications Co,  aims to raise $50 million and join the 40 companies already listed on the bourse in the West Bank city of Nablus, which have a combined market capitalization of some $2.5 billion The company began functioning as the second mobile operator in the Palestinian Territories a year ago after entering the market as a competitor to Jawwal, owned by The Palestine Telecommunications Co . Two senior Palestinian government officials have said Wataniya Palestine plans to offer 15 percent of its shares, and a further 15 percent at a later date, resulting in a 30 percent free-float. Details of the IPO will be announced on Sunday at a news conference and in Palestinian newspapers, the source said. The remaining 15 percent will be offered to the public within four years, the source said. A Palestinian government official said the company had "met all of its license obligations and was granted consent to raise funds via IPO which will start on Nov. 7". Wataniya Palestine is 53 percent owned by Qatar Telecommunications and 47 percent owned by the Palestine Investment Fund , which is in turn owned by the Palestinian Authority. Those stakes are set to drop to 40 percent and 30 percent respectively after the full 30 percent is sold to the public, the source said.


 

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