Wataniya Palestine IPO open for subscription 

(MENAFN - The Peninsula) Qtel group member Wataniya Palestine Mobile Telecommunications yesterday announced that its Initial Public Offering of shares is now open for subscription.

Interested international investors are invited to contact HSBC Bank Middle East Limited, the Sole Global Coordinator and Sole Bookrunner, and Arab Bank Group, the Regional Coordinator.

Retail investors in Palestine are invited to subscribe now at branches of HSBC, Arab Bank, Bank of Palestine, Palestine Commercial Bank, Palestine Islamic Bank, Qatar National Bank and Quds Bank.

The IPO, which is expected to be the largest in Palestine since 2000, offers investors an attractive growth opportunity in a company that operates in a market with attractive demographics and very low mobile penetration rates.

A bespoke IPO website containing all of the information investors need to participate was also launched yesterday at www.wataniya.ps/ipo.

The offer will comprise 38.7m new shares, representing 15 per cent of the Companys authorised share capital. At the fixed offer price of 1.30 per share, the Company expects to raise gross proceeds of approximately 50.3m.

Proceeds raised in the offer will be used for general business and operational purposes, and to assist the funding of the balance of fees payable under the companys operating licence. Based on the offer price, the market capitalisation of the company following completion of the Offer is expected to be approximately 335.4m which will run until 2 December 2010.