First day of trading for Wataniya Mobile on Palestine Exchange
Successful conclusion of Palestine’s largest IPO for 10 years
Wataniya Palestine Mobile Telecommunications Public Shareholding Company (“Wataniya Mobile” or the “Company”), the second Palestinian mobile phone operator, today celebrated its first day of trading on the Palestine Exchange (‘PEX”) under the ticker “Wataniya”.
The first day of trading follows the successful completion of Wataniya Mobile’s Initial Public Offering (“IPO”), which raised a total of US$50.3m, the largest IPO in Palestine for 10 years. Based on the listing price of US$1.30, the initial market capitalisation of Wataniya Mobile was US$335.4m.
In accordance with the relevant provisions of the Palestinian Companies Law and the Palestine Capital Market Authority’s (PCMA) requirement to protect retail investors, the first 300 shares of all subscribers have been allocated in full. Any subscription above this amount has been allocated to investors on a pro-rata basis. Investors in Palestine who are due a refund must visit their subscription banks.
Dr. Mohammad Mustafa, Chairman of Wataniya Mobile, commented: “Today is a momentous day for the Palestinian capital markets. The successful completion of the Wataniya IPO demonstrates the widespread enthusiasm from both the international investment community and the Palestinian people for the Wataniya story and its future as a listed company. We are proud to be welcoming shareholders to share in the success of Wataniya.”
Dr. Bassam Hannoun, Chief Executive Officer of Wataniya Mobile said: “Our first day of trading is the beginning of a new stage of development for Wataniya, and we are looking ahead to our future as a listed company. We are determined to deliver true value to our shareholders in the coming years, through a dedicated programme of service enhancements, product development and network expansion.”