Wataniya IPO receives 13,850 applications

29 Dec 2010

(MENAFN) Dr Bassam Hannoun, Chief Executive Officer of Wataniya Palestine Mobile Telecommunications Public Shareholding, said that the company raised $50.3 million in its Initial Public Offering (IPO) that attracted 13,850 applicants, reported Khaleej Times.

The CEO said that Wataniya, the second Palestinian mobile phone operator got a demand worth $78 million on its IPO, which is 150% of the offering. Demand came from retail investors in Palestine as well as from international institutional investors.

It is worth noting that Wataniyah was commercially established in 1999 as the first privately owned telecommunications operator in Kuwait. Wataniya has been a driving force in increasing the mobile market penetration in Kuwait. Wataniya Telecom has grown rapidly through acquisitions in Kuwait, Maldives, Saudi Arabia, Tunisia, Algeria and the Palestinian territories.

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