Wataniya Palestine to sell 30% stake in IPO

01 Apr 2010

(MENAFN) A senior official at Wataniya Palestine said that the company plans to offer 30 percent of its shares in an initial public offering (IPO) later this year, Reuters reported.

The official affirmed that Wataniya Palestine had hired an advisory team to determine the share price and the date for the IPO. The shares would be offered on the Palestine Securities Exchange, based in Nablus.

The company was launched in November as the second mobile operator in the Palestinian territories. The other operator, Jawwal, is owned by The Palestine Telecommunications Co.

The company had beaten expectations for subscriber growth and has more than 160,000 customers, the official said. Since the launch of the second operator, Wataniya and Jawwal have been competing in service provision and cutting prices.

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