RIYADH, 10 October 2004 — The initial public offering (IPO) of shares in the newly established Etisalat Consortium, which won the Kingdom’s second mobile license, will start on Oct.16 as announced earlier, the head of the Capital Market Authority said yesterday.
“The IPO will take place as scheduled on Oct. 16,” the Saudi Press Agency quoted Jemaz Al-Suheimy as saying.
The IPO will last for 10 days and shares will be available to purchase through all banks operating in the Kingdom, he said. “Twenty million shares will be on offer,” he said in a previous statement, without tagging a price on the share. There will be a limit of 10,000 shares per person, in order to allow room for small investors, he added. Last Tuesday, the Ministry of Commerce and Industry instructed the company to complete its licensing procedures before offering its shares for sale.
The Saudi Cabinet in August awarded Etisalat Consortium the second mobile phone license after Etisalat made the highest financial bid, offering SR12.21 billion.
