Abu Dhabi Wealth Fund Said to Mull Partial Sale in Qatari Telco - Bloomberg
Abu Dhabi Investment Authority is considering paring back part of its stake in Qatari telecommunications company Ooredoo QPSC, according to people familiar with the matter.
The sovereign wealth fund is weighing a plan to raise between $500 million to $600 million with the sell-down, the people added, declining to be identified while discussing confidential information. ADIA holds a 10% stake worth around $1.26 billion in the Qatari firm.
The deliberations are ongoing, the people said, and the size and timing of any potential deal are still being discussed and are dependent on market conditions.
Representatives for ADIA, as the wealth fund is known, declined to comment. Ooredoo representatives didn’t immediately respond to requests for comment.
Ooredoo shares have climbed almost 24% this year. The company raised its dividend target range last month citing its “strong financial position,” after normalized net profit climbed 6% year-on-year in the first nine months to $843 million.
The company’s other major shareholders include sovereign wealth fund Qatar Investment Authority and Qatar’s General Retirement and Social Insurance Authority, which hold about 53% and 12.7%, respectively, according to data compiled by Bloomberg.
ADIA oversees more than $1 trillion and is the biggest Gulf wealth fund. It has in recent years embraced a more data-driven approach to investing to make the fund nimbler and quicker in its decisions.
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