Successful Initial Listing Ahead of Offer to Local and International Investors
Doha, Qatar, 16 October 2016: Ooredoo Q.S.C. (“Ooredoo”) - Ticker: ORDS announced that its subsidiary Ooredoo Maldives Plc. plans to offer a portion of its equity for sale to local and international investors, following its initial listing on the Maldives Stock Exchange. The announcement was at a special ceremony that took place on Thursday the 13th of October 2016, attended by key dignitaries from the Government of Maldives and Ooredoo Group including the Minister of Economic Development, Mr Mohamed Saeed; Chairman of Ooredoo Group, H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al Thani; and Ooredoo Group CEO, Sheikh Saud Bin Nasser Al Thani.
Ooredoo Maldives Plc. 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 of the Maldives, foreigners, local institutional and international institutional investors.
H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al Thani, Chairman, Ooredoo Group, 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. Crucially, Ooredoo Maldives has been able to develop its business in a well-regulated telecoms market based on the government’s market-driven policies. 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 Bin Nasser Al Thani, Group CEO, Ooredoo 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. The upcoming IPO gives the opportunity for investors to be an active part of our progress, as we move beyond profitability and towards bringing transformational opportunities to people across our communities. Since its establishment in the Maldives, Ooredoo has played a key role in driving the telecommunication industry in the country to reach global standards of excellence.”
Ooredoo is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and Southeast Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia. The company was named “Best Mobile Operator of the Year” at the World Communication Awards 2013.
The company reported revenues of US$9.1 billion in 2014 and had a consolidated global customer base of more than 107 million people as of 31 December 2014. Ooredoo’s shares are listed on the Qatar Exchange and the Abu Dhabi Securities Exchange.
About Ooredoo Maldives
Ooredoo Maldives provides a wide range of innovative voice and data services tailored to the growing needs of today’s consumers and businesses. Guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential, Ooredoo has transformed the telecommunications industry for the people of the Maldives.