Algerian mobile operator Ooredoo Algeria (formerly Nedjma) is reportedly planning a listing on the Algiers Stock Exchange in 2014, news agency Agence Ecofin reports. According to the article, CEO Joseph Ged said in a recent radio interview that the company will pursue the listing in order to ‘boost the financial market in Algeria.’ Further, the executive revealed that several meetings have reportedly been scheduled for 2014 to ‘finalise the initial public offering (IPO) process.’
According to TeleGeography’s GlobalComms Database, Ooredoo Algeria (registered as Wataniya Telecom Algeria) is majority owned by Wataniya Telecom Kuwait (71%), itself controlled by Qatar’s Ooredoo Group (formerly Qatar Telecom [Qtel]), which also owns a 9% direct stake in the Algerian cellco as of November 2013. Gulf Investment Corporation (GIC) holds the remaining 20% stake. In October 2012 Ooredoo Group raised its stake in Wataniya Telecom Kuwait to 92.1% (paying USD1.84 billion for an additional 39.6% of shares), giving the Qatari group an effective 74.4% total stake in Wataniya Telecom Algeria (65.4% via its Kuwaiti division plus 9% of directly held shares).