Wataniya Mobile, Palestine's second mobile telecommunications operator, plans to raise up to US$50.3 million (Dh184.7m) in an initial public offering (IPO).
Shares will be offered on the Palestine Exchange as early as next week, priced at $1.30 each, Dr Bassam Hannoun, the Wataniya chief executive, said yesterday. Wataniya appointed HSBC Bank Middle East and Arab Bank Group as co-ordinators for the offering.
In all, 38.7 million new shares are to be sold, with existing shareholders maintaining their current shares at the time of the IPO. All proceeds will be used for general business and operational purposes and to assist the funding of the balance of fees payable under Wataniya's operating licence.
Retail investors in Palestine will be able to subscribe at branches of HSBC, Arab Bank, Bank of Palestine, Palestine Commercial Bank, Palestine Islamic Bank, Qatar National Bank, and Quds Bank. Wataniya has an indicative market capitalisation of $335.4m.
PALTEL, Palestine's main telecoms operator, is already publicly listed, with shares floated on both the Abu Dhabi Securities Exchange and the Palestine Exchange.
Three companies have listed on the Palestine Exchange so far this year: Al-Wataniah Towers Company, Palestine Insurance Company, and Ramallah Summer Resorts Company, bringing the total number of listed firms to 41, and its market cap to about $2.5 billion.
Palestine's mobile penetration, at 49 per cent by the end of last year, constitutes one of the lowest rates among regional markets. Jordan's mobile rate was 101 per cent at the same time. The mobile sector is expected to benefit from the country's young demographic. Palestine's population stood at 3.9 million last year and is expected to continue to grow at an annual rate of 3.2 per cent until 2019. About 52 per cent of the population is under the age of 19, the highest proportion in the Middle East. At present Wataniya covers 95 per cent of the Palestinian population in the West Bank, with its main shareholders Qatar Telecom and the Palestine Investment Fund.
The offering by Wataniya Mobile comes as a flurry of investment banking activity recommences in the Gulf region's mobile sector. Saudi Telecom is interested in expanding into Iraq and the rest of the region, said its chief executive, Saud Al Daweesh.
Last week, Nawras, an Omani mobile operator, also majority owned by Qatar Telecom, went public, raising 182m Omani rials for the selling shareholders. Etisalat is yet to begin its due diligence on its bid to buy 46 per cent of Kuwait's Zain, that would also open the doors for Iraq's mobile market. The preliminary offer was made at 1.7 dinars a share, potentially valuing the deal at nearly US$12bn. In the process of the bid, Etisalat and Zain faced a regulatory issue in Saudi Arabia as the prized winner would monopolise three operators in the Kingdom.
Last week, Zain Saudi Arabia's chairman, Prince Hussam Al Saud, said the Kuwaiti operator is in talks with regional and international operators to sell a stake owned by Mobile Telecommunications.
halsayegh@thenational.ae
COMPANY%20PROFILE
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UAE-based players
Goodlands Riders: Jamshaid Butt, Ali Abid, JD Mahesh, Vibhor Shahi, Faizan Asif, Nadeem Rahim
Rose Hill Warriors: Faraz Sheikh, Ashok Kumar, Thabreez Ali, Janaka Chathuranga, Muzammil Afridi, Ameer Hamza
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
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MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
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In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
Spec%20sheet
%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%204.7%22%20Retina%20HD%2C%201334%20x%20750%2C%20625%20nits%2C%201400%3A1%2C%20True%20Tone%2C%20P3%3Cbr%3E%3Cstrong%3EChip%3A%3C%2Fstrong%3E%20Apple%20A15%20Bionic%2C%206-core%20CPU%2C%204-core%20GPU%2C%2016-core%20Neural%20Engine%3Cbr%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%2012MP%2C%20f%2F1.8%2C%205x%20digital%20zoom%2C%20Smart%20HDR%2C%20Deep%20Fusion%3Cbr%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%204K%2B%40%2024%2F30%2F60fps%2C%20full%20HD%2B%40%2030%2F60fps%2C%20HD%2B%40%2030%20fps%3Cstrong%3E%3Cbr%3EFront%20camera%3A%20%3C%2Fstrong%3E7MP%2C%20f%2F2.2%2C%20Smart%20HDR%2C%20Deep%20Fusion%3B%20HD%20video%2B%40%2030fps%3Cbr%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%20Up%20to%2015%20hours%20video%2C%2050%20hours%20audio%3B%2050%25%20fast%20charge%20in%2030%20minutes%20with%2020W%20charger%3B%20wireless%20charging%3Cbr%3E%3Cstrong%3EBiometrics%3A%3C%2Fstrong%3E%20Touch%20ID%3Cbr%3E%3Cstrong%3EDurability%3A%3C%2Fstrong%3E%20IP67%2C%20dust%2C%20water%20resistant%20up%20to%201m%20for%2030%20minutes%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh1%2C849%3C%2Fp%3E%0A
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
German intelligence warnings
- 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
- 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
- 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250
Source: Federal Office for the Protection of the Constitution
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
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The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
The Way It Was: My Life with Frank Sinatra by Eliot Weisman and Jennifer Valoppi
Hachette Books
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Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
INDIA%20SQUAD
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Petrarch: Everywhere a Wanderer
Christopher Celenza,
Reaktion Books
In-demand jobs and monthly salaries
- Technology expert in robotics and automation: Dh20,000 to Dh40,000
- Energy engineer: Dh25,000 to Dh30,000
- Production engineer: Dh30,000 to Dh40,000
- Data-driven supply chain management professional: Dh30,000 to Dh50,000
- HR leader: Dh40,000 to Dh60,000
- Engineering leader: Dh30,000 to Dh55,000
- Project manager: Dh55,000 to Dh65,000
- Senior reservoir engineer: Dh40,000 to Dh55,000
- Senior drilling engineer: Dh38,000 to Dh46,000
- Senior process engineer: Dh28,000 to Dh38,000
- Senior maintenance engineer: Dh22,000 to Dh34,000
- Field engineer: Dh6,500 to Dh7,500
- Field supervisor: Dh9,000 to Dh12,000
- Field operator: Dh5,000 to Dh7,000
