ADIA to offload half its stake in Ooredoo

The Abu Dhabi Investment Authority (ADIA) is set to sell around half of its stake in Ooredoo Group in a move to raise additional capital on the Qatar Stock Exchange.

According to Reuters, ADIA will offload 160.5 million shares, reducing its holding to roughly 5%. The sale is expected to generate between QAR1.99 billion and QAR2.09 billion (US$546 million to US$572 million).

Ooredoo CEO Aziz Aluthman Fakhroo said the transaction - described as the first of its kind in Qatar - would help broaden the operator’s shareholder base and improve liquidity in its publicly traded shares.

Ooredoo operates in nine markets across the Middle East, Southeast Asia and North Africa. The company posted net profits of QAR3.1 billion for the first nine months of the year, a 6% year-on-year increase.

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