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MENAFN - 01/02/2013

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(MENAFN) An exchange official stated that Qatar Telecom (Qtel) plans to increase its 53.9-percent stake in Iraq's Asiacell, as the latter is offering a quarter of its shares to the public as part of its licensing obligations, reported Arabian Business.

Since 2012, the Qatari firm has paid USD2.1 billion to increase its stakes in Tunisiana and Kuwait's Wataniya to 90 percent or more.

Iraq's second-biggest telecommunications operator's USD1.35 billion share sale started on January 3 with the aim of selling 67.5 billion shares for at least USD0.02 each.

Asiacell's offer has seen more demand from foreign investors than that from Iraqis.

It is worth noting that the share sale is technically not an initial public offer (IPO), according to officials, as Asiacell has completed a tiny, nominal IPO so that it could convert to a joint stock firm as required under Iraqi regulations.

 






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