Asiacell Sets Price for $1.35 Billion Stock Market Floatation
Published on: 2nd Jan 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Iraq's Asiacell has set the price for its delayed stock market listing and expects to raise USD1.35 billion from the sale of 25% of its shares on the Baghdad stock market.
The stock market floatation is a condition of its operating license, and the company's two rivals, Zain and Korek are also late in their stock market listings. They were supposed to have sold shares back in late 2011.
However, there are concerns that a USD1.35 billion floatation may be difficult for the local stock market to absorb, as its total capitalisation currently stands at around USD4 billion. With the other two networks also required to list shares, the stock market will be dominated by the telecoms companies.
Asiacell's share offering opens tomorrow and closes on the 2nd February with trading on the stock market due to start on the following day.
Qatar Telecom currently owns a 54% stake in the Iraqi mobile network.