SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community
 
| More

TMCNet:  Iraq mobile firm aims to raise $1.23 bn in IPO [AlArabiya.net (United Arab Emirates)]

[December 27, 2012]

Iraq mobile firm aims to raise $1.23 bn in IPO [AlArabiya.net (United Arab Emirates)]

(AlArabiya.net (United Arab Emirates) Via Acquire Media NewsEdge) Iraq's second-biggest mobile operator Asiacell aims to raise $1.23 billion in an initial public offering next month, it said, after pressure from Baghdad's media regulator to be listed on the bourse.



The firm, in which Qatar Telecom holds a majority stake, and Iraq's two other mobile phone companies – Kuwait's Zain and Korek, in which France Telecom and Kuwait's Agility Logistics have stakes -- were fined for failing to issue IPOs on the Iraq Stock Exchange, Zain said in July.

The company said in a statement on its website on Tuesday that the share offer is expected to be among "the biggest ... in the Middle East region in the past year." Asiacell will offer 67.503 billion shares, representing 25 percent of the total share capital, at a price of at least 22 Iraqi dinars (1.8 U.S. cents) per share when the offer opens on January 3.

"This is another step closer to our share offer which is a significant development for us as a company," said Asiacell managing director Faruk Rasool.

Asiacell is the second-biggest mobile phone company in Iraq by subscribers, with 9.9 million, after Zain, which says it has more than 12 million customers.

(c) 2012 MBC Group. All Rights Reserved. Provided by Syndigate.info an Albawaba.com company

[ Back To middleeast.tmcnet.com.com's Homepage 's Homepage ]






Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved.