Shares in the state-owned Wataniya falls under the competitive offering, this happens through opening data rooms, receiving inquiries, and then receiving non-binding offers from investors, Hala El Said, The Minister of Planning and Economic Development, explained in a televised interview with Asharq Bloomberg.
“We will start studying offers and awards between 12 to 16 weeks of receiving them, as competitive offers take time. Not announcing new offers does not mean that the IPO program will not continue,” El Said stated.
El Said added that the competitive offering of Wataniya began two months ago and the inquiries of those who are interested to buy shares were answered and the non-binding offers will begin to be received at the end of this May.
During the interview, the planning minister explained that the sale of shares takes place through several methods, including the Pre-IPO Fund, through which negotiations are conducted with both regional and foreign investment funds.
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