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Announcing the arrangements of “Wataniya Mobile" IPO in two weeks

2010-04-14

Dr. Mohammad Mustafa, the Chairman of the Board of Directors of "Wataniya Mobile", the second operator of cellular phone in the Palestinian territories said yesterday that the company will announce the arrangements for public subscription in the shares of the company public during the next two weeks. Mustafa was speaking in a meeting with businessmen and bank representatives that is arranged by " Wataniya Mobile ", within a launched campaign from their side called " Gold Business” that is directed to companies and institutions. The commercial service for the company has been launched in November of last year, with a capital of $170 million, allocated between the Palestinian Investment Fund by 43%, and the rest for Wataniya Telecom which in turn owned by "Qtel." The license contract provides for Palestine investment fund a share of 30% and 40% to Wataniya Telecom that put the rest (30% by 51 million shares) for public subscription by the public. The nominal value of share is a single dollar, and Mustafa did not disclose the subscription price (if the nominal value or premium will be added), but expressed his hope that the announcement of closely offering the company"s shares for public subscription will constitute a drive to the citizens, companies, banks and investors to look to the Wataniya Mobile with a distinguished look.