One month after appointing new CEO Sheikh Ali Bin Jabor Al Thani, Qatar telecom Ooredoo QPSC continues to make big changes in its operating model. The company has announced that it will carve out its portfolio of nearly 20,000 cell towers later this year, reports Bloomberg. The stated intent is to reposition Ooredoo QPSC as an asset-light business model.
“We’re hoping to announce something before the end of the first half of this year,” stated Managing Director and Group CEO Aziz Aluthman Fakhroo.
With a projected value of USD $3 to $5 billion, the tower assets have drawn the interest of possible bidders, American Tower, IHS Holding Ltd., Helios Towers Plc and Saudi Arabia’s Public Investment Fund, according to Bloomberg.
Fakhroo indicated that Ooredoo will be focusing on its data centers and plans to invest up to $1 billion in the next five years. “We’re bringing in investors to help us accelerate this catalyst of growth,” he noted. He added that the company has recently eliminated a heavy debt load and expects to attract new investors to its evolving business operations.