NOT FOR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, JAPAN, SAUDI ARABIA OR THE UNITED STATES
THIS DOCUMENT IS NOT AN OFFER OF SECURITIES FOR SALE AND IS A PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY
Qatar Telecom Q.S.C. (“Qtel”) subsidiary Nawras, today announced that the price range for its upcoming Initial Public Offering (“IPO”) will be set at Bzs 702 to Bzs 902 (which includes an issue expense of Bzs 2 per Share) with 40% of the company’s shares listed on the Muscat Securities Market.
Subscription for the IPO will open on the 15th of September, 2010, and the Offer will close on the 14th of October, 2010. The Offering will be made in Oman and will be open to Omani and specified Gulf Cooperation Council (“GCC”) retail and high net worth investors, and to Omani and international institutional investors.
Morgan Stanley, BankMuscat and QNB Capital are joint lead managers while Morgan Stanley and BankMuscat are joint bookrunners. BankMuscat is the Sole Issue Manager to the IPO with Nawras shares expected to be listed on the Muscat Securities Market on the 27th of October 2010.
The IPO is expected to raise between OMR 182 million and OMR 234 million and will be the first IPO in Oman since July 2008. The price range implies an initial market capitalisation of OMR 456 million to OMR 586 million making Nawras a top five company by value in Oman.
Since it launched in 2005, Nawras has enjoyed an impressive record acquiring more than 1.97 million mobile customers as at 30 June 2010 which represents a market share of 45%. Nawras also launched fixed services in mid-2010. For six months ended 30 June 2010, Nawras revenues reached OMR 91 million while EBITDA increased to OMR 51 million.
Further information about the Offering will be announced in due course.
Disclaimer info
Shares will not be offered, sold or delivered, in the State of Qatar in a manner that would constitute a public offering. The Prospectus relating to the offering has not been reviewed or registered with Qatari government authorities whether under Law No. 25 (2002) concerning investment funds, Central Bank Resolution No. 15 (1997), as amended, or any associated regulations.
This document does not constitute an offer of securities for sale in the United States. The securities may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended. Nawras has not registered, and does not intend to register, any portion of the offering in the United States, and does not intend to conduct a public offering of securities in the United States.
This document is only being distributed to, and is only directed at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order or (iv) those persons, for the purposes of an employee share scheme, falling within Article 60 of the Order (all such persons together being referred to as “relevant persons”). The securities are only available to, and any invitation, offer or agreement to sub-scribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
In any EEA Member State that has implemented Directive 2003/71/EC (together with any applicable implementing measures in that Member State, the “Prospectus Directive”), this communication is only addressed to and directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
