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FINANCIAL NEWS
Wataniya Palestine plans $50m IPO
31 Oct 2010
(MENAFN) Mobile telephone operator Wataniya Palestine will launch an initial public offering (IPO) on November 7, to be the first company to list on the Nablus bourse this year, Reuters reported.
Wataniya Palestine, part owned by Qatar Telecommunications Company, hopes to raise $50 million, according to sources.
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 Company.
It aims to join the 40 companies already listed on the bourse, which have a combined market capitalization of about $2.5 billion.
Wataniya Palestine is 53 percent owned by Qatar Telecommunications and 47 percent owned by the Palestine Investment Fund, which is owned by the Palestinian Authority.
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