Ooredoo commences secondary market trading

Ooredoo Maldives has on Wednesday announced commencement of its secondary market trading with the Maldives Stock Exchange, which would allow the public to further invest in the company.

Ooredoo announced its decision to become a public trading company in 2016, and had made stock available to the public in May.

The telecommunications provider said that it had raised over MVR 421 million – having sold over 14 million shares to a total of 8,257 investors during its initial public offering.

“Ooredoo Maldives is performing extremely well, and we look forward to continuing our success story in the Maldives with our shareholders. As a public listed company, we are committed to work for the best interest of our shareholders” Ooredoo Maldives’ CEO Najib Khan said.

The Maldives Stock Exchange had also commended Ooredoo for the success of its initial public offering, describing it as a ‘milestone achievement’ for Maldives’ capital market.

“The success of its IPO is a milestone achievement for the capital market of the Maldives, particularly due to the high participation from local investors where over 6,000 out of the 8,257 investors were first-timers” the stock exchange’s Managing Director, Hassan Manik, said.

A prospectus and valuation of the company is available at its website.

Ooredoo Maldives’ Qatari parent company raked in over USD 9.1 billion in 2016.