Ooredoo Maldives to list on local stock market

Dubai: Ooredoo Maldives plans to sell part of its equity in an initial public offer on the island nation’s stock exchange, its Qatar-based parent firm said on Sunday.

The offer, made under the terms of its licence obligations, will be open to both local and international investors, Ooredoo said. No other details of the share sale were provided. Ooredoo Maldives is currently fully owned by Ooredoo Kuwait, which in turn is 92.1 per cent controlled by Ooredoo.

The Maldives business generated 288 million Qatari riyals ($79.1 million) of revenue in 2015, equivalent to 0.9 per cent of group revenue, according to Ooredoo’s 2015 annual report.