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Qatar Telecom May Raise Stake in Iraq's Asiacell
Published on:
Qatar Telecom (Qtel) will take advantage of the upcoming stock market listing of the Iraqi mobile network, Asiacell to raise its existing holding in the company, a stock exchange official has told Reuters.
Qtel currently owns just under 54% of the Iraqi mobile network, which is itself about to list 25% of its shares on the Baghdad stock market in a move that will raise around US$1.3 billion for the compamny.
Although Asiacell is required to list its shares on the stock market as a condition of its operating license, there has been some ambiguity about which of the current shareholders is selling their stake, or if this would be diluting their existing holdings through a fresh placement of shares.
Layth Sulaiman, head of the ISX board of governors, told Reuters that he understood Qtel would not reduce its stake in Asiacell through the offer.
The shares will be listed from this Sunday in what is one of the largest share offerings in the region for several years. The other two mobile networks are also required to list their shares on the stock exchange.
On the web: Reuters
Tags: [asiacell] [qatar telecom] [Iraq]
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