Telecom provider Ooredoo Maldives has announced its plan 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 held Thursday evening at Dharubaaruge Covention Centre in Male’ City, which was 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 says it plans to offer the securities through an Initial Public Offering (IPO) as soon as it completes the requirements and procedures for a Public Issue as set out in the offering rules of the Maldives Stock Exchange. The Offer will be open to the Maldivian public, local and international institutional investors.
Speaking at the ceremony, Minister of Economic Development, Mohamed Saeed said “with significant contributions in terms of technological infrastructure and innovative new services, Ooredoo Maldives is a notable example of a successful Foreign Direct Investment in the nation. Furthermore, the company’s contributions towards driving socio-economic change highlights the positive impact that foreign direct investments can have on a country and its communities.”
Ooredoo Group Chairman Sheikh Abdulla Bin Mohammed Bin Saud Al Thani said “Ooredoo Maldives has been one of the group’s best performing assets for several years now, and it 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, he added.
“This exciting announcement demonstrates the extent of the company’s achievements in the Maldives, and look forward to further development and growth, and welcoming new investors to contribute to and share in the company’s success,” Ooredoo Maldives CEO, Vikram Sinha said. He also said the upcoming IPO gives the opportunity for investors to be an active part of the company’s progress, as it moves beyond profitability and towards bringing transformational opportunities to people across our communities.
Ooredoo Maldives is part of the Ooredoo Group, 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.