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Ooredoo Maldives to go public

Fathmath Shaahunaz
12 October 2016, MVT 15:59
Ooredoo Experience Centre in the capital Male. MIHAARU PHOTO/MOHAMED SHARUHAAN
Fathmath Shaahunaz
12 October 2016, MVT 15:59

Telecom giant Ooredoo Maldives has decided to go public and commence sale of company shares.

The firm managed by Qatar’s Ooredoo Group will list its shares on the stock exchange on Thursday before publicizing its prospectus to sell shares later.

However, Ooredoo has not disclosed the amount of shares that will be sold or other details yet.

According to the Maldives Securities Act, a period of 15 days is necessary from the publishing of the company’s prospectus to selling shares. Hence, Ooredoo will commence sales of its shares next month.

While Ooredoo Maldives, which accounts for 30 percent of the Maldives’ telecommunications service, has decided to go public, its rival and local telecom company Dhiraagu is already a public firm. Dhiraagu went public in October 2011 and had sold 11,400,000 shares at a rate of MVR 80 per share during the first round.

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