Ooredoo Maldives has listed as a public company today, announcing plans to sell part of its shares to local and international investors. This announcement was made today at a special ceremony held at Dharubaaru, attended by key dignitaries from the government of Maldives and Ooredoo group. This included the Vice President of the Maldives H.E Mr Abdulla Jihad, Chairman of Ooredoo Group H.E. Sheikh Abdulla Bin Mohammed Bin Saud Al Thani, Deputy CEO – Ooredoo Group Waleed Mohamed Al-Sayed, Group Chief Officer Small and Medium Business Unit and Chairman of the Board of Ooredoo Maldives Khalid Ibrahim Al Mahmoud.
Ooredoo Maldives Plc. will be listed in the Maldives Stock Exchange through an Initial Public Offering (IPO) in March 2017. The offering will be open to investors from within financial institutions, as well as the general public.
Ooredoo Maldives is part of Ooredoo group, a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and Southeast Asia.
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Ooredoo Maldives CEO, Vikram Sinha said: “This exciting announcement demonstrates the extent of our achievements in the Maldives. We look forward to further development and growth, and welcoming new investors from the Maldives to Ooredoo, to contribute to and share in our success. The upcoming IPO gives the opportunity for local investors to be an active part of our progress, as we move beyond profitability and towards bringing transformational enrichment opportunities to people across our communities.”
Since its establishment in the Maldives, Ooredoo has played a key role in driving the telecommunication industry to reach global standards of excellence. With significant contributions in terms of technological infrastructure and innovative new services, Ooredoo Maldives is a notable example of a successful Foreign Direct Investment in the nation. Furthermore, the company’s contributions towards driving socio-economic change highlights the positive impact that foreign direct investments can have on a country and its communities.
As of October 2016, Ooredoo currently has a market share of 48% in the Maldives.