Qatar-based Ooredoo has announced that its subsidiary Ooredoo Maldives 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 made at a special ceremony attended by key dignitaries from the Government of Maldives and Ooredoo Group, including the Minister of Economic Development, Mohamed Saeed; chairman of Ooredoo Group, Sheikh Abdulla Bin Mohammed 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 of the Maldives, foreigners, local institutional and 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.

“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 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.”- TradeArabia News Service