Vodafone QatarVodafone Qatar

Qatar Financial Markets Authority (QFMA)Qatar Financial Markets Authority (QFMA)

A Vodafone QatarVodafone Qatar official told The Peninsula yesterday: "We had prepared several dates and presented them to the QFMAQFMA. However, due to the market conditions at the time, the QFMAQFMA did not approve the proposed dates and requested Vodafone QatarVodafone Qatar propose a revised timetable."

However, time is running short as, according to the terms of licence issued to Vodafone by ictQATARictQATAR, the Vodafone-Qatar Foundation (QF) consortium must go in for an IPO by November 30. The official said: "If we are not given dates which meet the ictQATARictQATAR deadline, we will have to take a letter in writing to them from the QFMAQFMA on why the deadline could not be met."

Should a letter be required, the matter would be out of Vodafone's hands and it would be up to ictQATARictQATAR to set a new deadline, if deemed necessary. Moreover, Vodafone would not be breaching any part of the licensing agreement as the QFMAQFMA is the ultimate authority when it comes to matters related to the stock exchange, including whether an IPO should be given the go-ahead or not.

With the QFMAQFMA advising Vodafone QatarVodafone Qatar against going for the IPO on the latter's preferred dates, it is clear the global markets scenario has spread here. Earlier this month, a senior banker had told this paper that internationally, the market had dried up, leaving no room for IPOs, even by a big name like Vodafone.

By Rabin Gupta

© The Peninsula 2008

 

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