Ooredoo has announced that its subsidiary, Ooredoo Maldives, is planning to offer a portion of its equity for sale to local and international investors, following its initial listing on the Maldives Stock Exchange.
The plan was announced recently at a special ceremony in the presence of key dignitaries from the Government of Maldives and Ooredoo Group, including the Minister of Economic Development, Mohamed Saeed, Ooredoo Group chairman Sheikh Abdulla bin Mohamed bin Saud al-Thani, and Ooredoo Group CEO Sheikh Saud bin Nasser al-Thani.
Ooredoo Maldives plans to offer its equity through an initial public offering (IPO) under the terms of its licence obligations. The IPO will be opened to the general public, foreigners, local as well as international institutional investors.
Sheikh Abdulla said, “Ooredoo Maldives has been one of our best performing assets for several years now. The business has harnessed its employees’ dedication and management expertise and benefited from the power of Ooredoo Group and its brand to deliver the best telecommunications products, services, and branding. Ooredoo Maldives’ IPO will offer an opportunity to investors in the Maldives and abroad to participate in its success as it moves to its next phase of data-driven growth.”
Sheikh Saud said: “This exciting announcement demonstrates the remarkable extent of Ooredoo Maldives’ achievements in recent years. We look forward to further development and growth and we welcome new investors to contribute and share in our success.”