Ramallah, West Bank: Mobile telephone operator Wataniya Palestine set a share price of $1.30 (Dh4.70) for its initial public offering (IPO) on the Palestinian bourse this month, a source familiar with the matter said.
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 capitalisation of some $2.5 billion.
Competitor
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 (Paltel).
Two senior Palestinian government officials have said Wataniya Palestine plans to offer 15 per cent of its shares, and a further 15 per cent at a later date, resulting in a 30 per cent free-float.
Details of the IPO were to be announced yesterday at a news conference and in Palestinian newspapers. The remaining 15 per cent will be offered to the public within four years.
