Oger Telecom postpones public listing

Regional operator defers listing as a result of adverse market conditions

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By  Published  November 30, 2006

Oger Telecom has called off its proposed listing on the Dubai International Financial Exchange (DIFX) amid increasing concern over the volatility of local markets. The company - which provides services in Jordan, Lebanon, Saudi Arabia and Turkey - had planned to declare details of pricing and a listing date last month, having previously announced it would offer US$1.25 billion in shares on the DIFX and in Global Depository Receipts listed on the London Stock Exchange. It was expected that Oger would offer shares at between US$1.15 and US$1.42, and GDRs - each representing ten shares at between US$11.50 and US$14.20. The float would have valued the company at up to US$8 billion. The decision to defer the listings was made just hours before the company was due to announce a date for the IPO in a statement to the London Stock Exchange. Oger Telecom blamed \'regional volatility\' as the reason behind the decision. “Despite over-subscription throughout the price range, with good support from investors in the Middle East, in the light of increasingly challenging and volatile regional market conditions, the company and principal selling shareholders deemed that it was no longer advisable to proceed,” the company said. Oger Telecom, controlled by Lebanon\'s Hariri family, had previously expressed acquisitive ambition when it headed a consortium to buy a US$6.55 billion controlling stake in Turk Telekom, Turkey\'s former state-run telecom monopoly. It outbid Etisalat in acquiring the stake.

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