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Wataniya Palestine to hold IPO later this year

Qtel subsidiary Wataniya Palestine to offer 30% of shares in a public offering expected this summer on the Palestine Securities Exchange

Wataniya Palestine launched in November last year. It now claims to have 160,000 customers.
Wataniya Palestine launched in November last year. It now claims to have 160,000 customers.

Palestine's second mobile operator, Wataniya, is set to offer 30% of its shares in an IPO to take place later this year.

Mohammad Mustafa, head of Wataniya Palestine's board, said last week that the firm hoped the IPO (initial public offering) would take place in the summer, according to a Reuters report.

Qtel currently owns 57% of the company, while the Palestine Investment Fund has a 43% stake. The shares will be offered on the Palestine Securities Exchange.   

Wataniya Palestine began offering services in November last year, following a series of delays owing to the Israeli authorities refusal to release spectrum which the telco needed to launch.

Mustafa said that so far Wataniya, which competes with Paltel's mobile arm Jawwal, had signed up more than 160,000 customers.