Telecom giant Ooredoo Maldives was officially listed on the Maldives Stock Exchange (MSE) early Wednesday and is now public.
MSE announced in a statement that the face value of Ooredoo Maldives’ public shares is MVR 10.
Ooredoo Maldives plans to sell 40 percent of its shares out of which 9.5 percent were sold at Ooredoo’s initial public offering (IPO) last April. The company sold stock at a rate of MVR 30 in the IPO.
Speaking at the ceremony held to mark Ooredoo’s official listing on the Maldives Stock Exchange, the telecom giant’s CEO Najib Khan declared that Ooredoo sold 14,0445,260 shares in its IPO to 8,257 individuals, earning a staggering MVR 421,357,800.
Noting that Ooredoo Maldives is currently one of the largest firms to be listed on MSE, Najib Khan said that those that were unable to purchase stock in the IPO can now invest in Ooredoo via the secondary market trading.
He celebrated Ooredoo Maldives going public as a dream come true, declaring that the firm has now become “a Maldivian company”.
MSE’s chairman and local tycoon Alaau Ali stated that Ooredoo’s IPO is the most successful to date in the country. He also highlighted that 6,000 of the shareholders that purchased Ooredoo’s stock in the IPO were first-timers.