Wataniya Palestine eyes IPO in November

14 Oct 2010

Wataniya Palestine, which in November 2009 became the second official Palestinian mobile network operator, is preparing to launch an IPO next month, according to ArabianBusiness.com. The operator will offer approximately 40 million shares via public offering in November 2010, with the process to be handled by HSBC and ‘several’ Palestinian banks. Currently Kuwait-based Wataniya Telecom, which itself is majority owned by Qatar’s Qtel, holds 57% of Wataniya Palestine.

According to TeleGeography’s GlobalComms Database, Wataniya was declared the highest bidder for a combined 2G and 3G cellular concession in Palestine back in September 2006, with a reported bid of JOD251 million (USD354 million). Its road to market was, however, hampered by delays in the allocation of spectrum by the Israeli Ministry of Communications. Some seven months after inaugurating commercial services, at end-June 2010 the mobile operator had signed up a total of 243,509 subscribers, giving it around 8.2% market share when including those Palestinian subscribers signed up to Israeli mobile operators.

Palestinian Territory, Ooredoo Group, Ooredoo Kuwait, Ooredoo Palestine