Wataniya Mobile, Palestine's second mobile telecommunications operator, plans to raise up to US$50.3 million (Dh184.7m) in an initial public offering (IPO).
Shares will be offered on the Palestine Exchange as early as next week, priced at $1.30 each, Dr Bassam Hannoun, the Wataniya chief executive, said yesterday. Wataniya appointed HSBC Bank Middle East and Arab Bank Group as co-ordinators for the offering.
In all, 38.7 million new shares are to be sold, with existing shareholders maintaining their current shares at the time of the IPO. All proceeds will be used for general business and operational purposes and to assist the funding of the balance of fees payable under Wataniya's operating licence.
Retail investors in Palestine will be able to subscribe at branches of HSBC, Arab Bank, Bank of Palestine, Palestine Commercial Bank, Palestine Islamic Bank, Qatar National Bank, and Quds Bank. Wataniya has an indicative market capitalisation of $335.4m.
PALTEL, Palestine's main telecoms operator, is already publicly listed, with shares floated on both the Abu Dhabi Securities Exchange and the Palestine Exchange.
Three companies have listed on the Palestine Exchange so far this year: Al-Wataniah Towers Company, Palestine Insurance Company, and Ramallah Summer Resorts Company, bringing the total number of listed firms to 41, and its market cap to about $2.5 billion.
Palestine's mobile penetration, at 49 per cent by the end of last year, constitutes one of the lowest rates among regional markets. Jordan's mobile rate was 101 per cent at the same time. The mobile sector is expected to benefit from the country's young demographic. Palestine's population stood at 3.9 million last year and is expected to continue to grow at an annual rate of 3.2 per cent until 2019. About 52 per cent of the population is under the age of 19, the highest proportion in the Middle East. At present Wataniya covers 95 per cent of the Palestinian population in the West Bank, with its main shareholders Qatar Telecom and the Palestine Investment Fund.
The offering by Wataniya Mobile comes as a flurry of investment banking activity recommences in the Gulf region's mobile sector. Saudi Telecom is interested in expanding into Iraq and the rest of the region, said its chief executive, Saud Al Daweesh.
Last week, Nawras, an Omani mobile operator, also majority owned by Qatar Telecom, went public, raising 182m Omani rials for the selling shareholders. Etisalat is yet to begin its due diligence on its bid to buy 46 per cent of Kuwait's Zain, that would also open the doors for Iraq's mobile market. The preliminary offer was made at 1.7 dinars a share, potentially valuing the deal at nearly US$12bn. In the process of the bid, Etisalat and Zain faced a regulatory issue in Saudi Arabia as the prized winner would monopolise three operators in the Kingdom.
Last week, Zain Saudi Arabia's chairman, Prince Hussam Al Saud, said the Kuwaiti operator is in talks with regional and international operators to sell a stake owned by Mobile Telecommunications.
halsayegh@thenational.ae
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Shower or bath after being outside.
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
ICC T20 Team of 2021
Jos Buttler, Mohammad Rizwan, Babar Azam, Aiden Markram, Mitchell Marsh, David Miller, Tabraiz Shamsi, Josh Hazlewood, Wanindu Hasaranga, Mustafizur Rahman, Shaheen Afridi
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
Company%20Profile
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England v South Africa Test series:
First Test: at Lord's, England won by 211 runs
Second Test: at Trent Bridge, South Africa won by 340 runs
Third Test: at The Oval, July 27-31
Fourth Test: at Old Trafford, August 4-8
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INDIA'S%20TOP%20INFLUENCERS
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY%20PROFILE
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Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
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The Facility’s Versatility
Between the start of the 2020 IPL on September 20, and the end of the Pakistan Super League this coming Thursday, the Zayed Cricket Stadium has had an unprecedented amount of traffic.
Never before has a ground in this country – or perhaps anywhere in the world – had such a volume of major-match cricket.
And yet scoring has remained high, and Abu Dhabi has seen some classic encounters in every format of the game.
October 18, IPL, Kolkata Knight Riders tied with Sunrisers Hyderabad
The two playoff-chasing sides put on 163 apiece, before Kolkata went on to win the Super Over
January 8, ODI, UAE beat Ireland by six wickets
A century by CP Rizwan underpinned one of UAE’s greatest ever wins, as they chased 270 to win with an over to spare
February 6, T10, Northern Warriors beat Delhi Bulls by eight wickets
The final of the T10 was chiefly memorable for a ferocious over of fast bowling from Fidel Edwards to Nicholas Pooran
March 14, Test, Afghanistan beat Zimbabwe by six wickets
Eleven wickets for Rashid Khan, 1,305 runs scored in five days, and a last session finish
June 17, PSL, Islamabad United beat Peshawar Zalmi by 15 runs
Usman Khawaja scored a hundred as Islamabad posted the highest score ever by a Pakistan team in T20 cricket
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The specs
Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
On sale: Now
