IFC invests US$3 million in Palestinian mobile network

By Editor on January 13, 2011 · Leave a Comment

IFC, a member of the World Bank Group, has announced that it will make an equity investment of US$3 million in the first public share offering from Wataniya Palestine, West Bank and Gaza’s second mobile phone operator.

IFC’s investment, which represents about 1% of the equity of Wataniya Palestine, will help the company increase mobile phone coverage in West Bank and Gaza, supporting economic growth and expanding business opportunities in the region. The IFC added that their investment will also help strengthen the Palestinian Exchange by attracting long term institutional investors to the market.

Accordig to Mohammad Mustafa, Wataniya Mobile Chairman, IFC’s investment is a vote of confidence in both the Palestinian economy and in Wataniya Mobile. No doubt, it will help the company in the future to reach out with confidence to additional sources of financing to secure further financing for critical projects including additional expansions to its network infrastructure and service offerings.

Wataniya Palestine is a joint venture between the Palestine Investment Fund and Wataniya Telecom, which is majority-owned by Qtel, Qatar’s leading telecommunications operator.

Filed under Mobile · Tagged with Gaza, IFC, Mobile, Mohammad Mustafa, Palestine Investment Fund, Palestinian Exchange, Qatar, Qtel, Wataniya Mobile Chairman, Wataniya Palestine, Wataniya Telecom, West Bank, World Bank Group

Wataniya Palestine planning to launch IPO

By Editor on October 15, 2010 · Leave a Comment

If reports are to be believed, Wataniya Palestine is preparing to launch a stock market flotation next month, one year after the company’s oft-delayed launch in the Palestinian Territories.

According to the company, the share offering will take place next month. A stock market flotation of at least 30% of the shares was a condition of the operating license. The current capital is now 170,000,000 shares and will be considered as 70% of the total capital the price will be something around $1.50.

The earlier anticipated floatation could be due to recent reports that the Palestinian Authority wants to award a third mobile phone operator license in 2013, subject to the Israeli government releasing the necessary radio frequencies.

Qatar based Qtel is the majority shareholder in Wataniya Telecom, which in turn owns 57% of Wataniya Palestine.

According to figures from the Mobile World analysts, the former incumbent operator, Paltel ended last year with around 1.8 million subscribers, compared to 110,000 for Wataniya Telecom, which only launched services in November.

Filed under Mobile · Tagged with IPO, Israel, Israeli government, Mobile, Palestinian Authority, Palestinian Territories, Qatar, stock market flotation, Wataniya Palestine

Wataniya awarded Israeli frequencies to operate in Palestine (Palestinian Territory)

By Editor on October 25, 2007 · Leave a Comment

Kuwait’s Wataniya Telecom has been awarded frequencies by Israel’s Communications Ministry, allowing it to offer mobile services in the Palestinian Territory, the Palestinian Telecommunications and Economy Minister confirmed yesterday. According to Reuters, Kamal Hassouneh said his Israeli counterpart had â€˜no objection’ to granting Wataniya, which is now owned by Qatar Telecom, frequency spectrum to operate as the second Palestinian mobile network operator. â€˜We have been demanding that Israel grant the frequencies needed for Wataniya for a long time. Israel gave its verbal consent,’ Hassouneh said, adding that Israel must grant frequencies under the Oslo peace accords.

Hassouneh went on to say that Wataniya was ready to start operating immediately on receipt of the requisite frequencies.In March 2007 Wataniya Palestine Mobile Telecommunications Company, the company formed by Wataniya International and the Palestine Investment Fund (PIF) to launch Palestine’s second wireless network, signed a licence agreement with the Ministry of Telecommunications and Information Technology (MTIT) bringing the arrival of the new Palestine mobile operator one step closer. The terms of the licence agreement had been in negotiation since Wataniya International successfully bid JOD251 million (USD356 million) for the concession in September 2006. Wataniya Palestine Mobile Telecommunications Company is 40% owned by Wataniya International and 30% owned by the PIF, while the remaining shares will be offered to the Palestinian public through an IPO. Wataniya plans to build and operate a GSM network in the Palestinian Territory and also hopes to roll out a 3G network in the future.

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