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Thu 14 Oct 2010 09:43 AM

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Second Palestinian telco to IPO in November

Watanyia Palestine to offer 40 million shares, HSBC to handle subscription

Second Palestinian telco to IPO in November
Wataniya launched commercial services in the West Bank in November last year. (SAIF DAHLAH/AFP/Getty Images)

The second telecoms operator in the West Bank, Wataniya Palestine, is planning to launch an IPO in November, one year after beginning commercial services in the country.

A statement sent to Arabian Business by Palestinian brokerage firm United Securities confirmed that the telco will offer around 40 million shares in the public offering next month.

“The current capital is now 170,000,000 shares and will be considered as 70% of the total capital…the price will be something around $1.50,” the statement indicated.

The subscription will be handled by HSBC and “several” Palestinian banks.

Wataniya launched commercial services in the West Bank in November last year after being granted the necessary radio spectrum in the third quarter of 2009.

It competes against incumbent Paltel, which was founded in 2005.

Kuwait’s Wataniya Telecom (NMTC) holds a 57 percent stake in Wataniya Palestine.

In turn, Qatar’s Qtel is the majority shareholder in Wataniya Telecom, which is listed on the Kuwait Stock Exchange.

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