Monday, Oct 02, 2006
BEIRUT (Zawya Dow Jones)--Saudi-based ElectroNet, an internet services firm with a capital of 4 billion Saudi riyals ($1.06 billion), said Monday that it will offer 30% of its capital, or SAR1.2 billion, in an initial public offering in the first quarter of 2007.
"We will apply October 15 to the Communications and Information Technology Commission to get a fixed line operating license in the Kingdom," ElectroNet general manager Ali Ahmad Al Saleh told Zawya Dow Jones.
According to earlier press statements, the company originally planned to launch the IPO in the fourth quarter of 2006.
Saleh said the commission is expected to issue the license after 60 days, when the company will announce the exact date of the offering.
Established in 2005, ElectroNet aims to provide broadband internet services over power lines in Saudi Arabia and countries around the region.
Saleh said that a consortium of several Saudi investors and companies including Dallah Albaraka Group and Ahmad Saleh Kaki Sons Co. own 55% stake in ElectroNet, while a foreign firm, which he didn't name, will have a 15% stake.
-By Nadim Issa, Zawya Dow Jones, +961 1 985757, nadim@zawya.com
(END) Dow Jones Newswires
10-02-06 0729ET
Copyright Zawya Dow Jones Newswires 2006
