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Tribune News Network
Doha
Ooredoo will list Ooredoo Maldives shares on the Maldives Stock Exchange on April 30, 2017, the company said in a press release on Saturday. The company is offering 40 percent of the company shares for subscription.
Ooredoo Maldives plans to offer the securities through an Initial Public Offering (IPO), which will be open to Maldivian and international investors, the company said.
"The listing reflects the extent of Ooredoo's accomplishments in the Maldives and gives investors the opportunity to be part of its growth strategy,"a statement said.
Ooredoo Group Chairman Sheikh Abdulla bin Mohammed bin Saud al Thani, said,"Ooredoo has contributed to the advancement of the ICT sector in the Maldives for more than a decade. Over this time, we have harnessed the management and technical expertise of our employees and used the power of Ooredoo Group's brand to deliver the best telecommunication products and services.
"We are confident that the upcoming IPO will continue to contribute to providing the best value to our shareholders and stakeholders.
"Allowing local and international investors the opportunity to subscribe to Ooredoo Maldives shares, after listing them on the Maldives Stock Exchange, will guarantee everyone a chance to take part in its growth, the growth of the Maldives and Ooredoo Group,"
Ooredoo Group CEO Sheikh Saud bin Nasser al Thani, said,"This IPO is a clear demonstration of what Ooredoo has achieved in the Maldives. We won't stop here though, we are always looking to further our progress and growth, and we welcome new investors to share success with us.
"This initial public offering of Ooredoo Maldives shares provides investors a chance to be an important part of our progress, as we continue to work to provide profits and contribute to the society's growth, as well as play a key role in developing the telecoms sector in the Maldives to higher levels."
Since its launch in 2005, Ooredoo has helped transform the telecommunication industry in the Maldives. With significant investments in both infrastructure and technologies, Ooredoo has enjoyed notable growth, especially over the past five years.
