Ooredoo Maldives has announced plans to launch its initial public offering (IPO) at the end of this month, in a process that will see up to 40% of its shares listed on the Maldives Stock Exchange (MSE). The offer is expected to open for subscription on 30 April and close on 28 May, with trading scheduled to commence on 7 August 2017. The fixed and mobile operator, which is majority owned by Qatari firm Ooredoo Group, will offer 22.17 million issued Ordinary Shares (representing a 15% stake in the firm) to Maldivian and international institutional investors, as well as retail investors, at a price of MVR30.0 (USD1.9) per share. Ooredoo will meet any additional demand up to 59.12 million issued Ordinary Shares, representing 40% of the company.
‘As a fully integrated ICT solutions provider, Ooredoo Maldives has played a critical role in the development of the country’s telecoms industry and is a key supporter of the government’s vision for Digital Maldives,’ commented Ooredoo Group Chairman Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, adding: ‘We are now thrilled to further cement our commitment to the people of Maldives through the listing of shares on the local stock exchange and look forward to continuing our journey of digital empowerment and growth.’