Shares commenced trading 4 February on the Iraq Stock Exchange under the ‘TASC’ ticker
04-02-2013
Doha, Qatar
Qatar Telecom (“Qtel”) Q.S.C. subsidiary Asiacell, today announced the successful completion of its share offer (the “Offer”). The offering raised IQD 1,485.1 billion (US$ 1.27 billion), representing 25% of its share capital.
The company also announced the admission of its Shares to the Official List of Securities maintained by the Iraq Securities Commission (“ISC”) and to trading on the Iraq Stock Exchange (“ISX”), under the ticker “TASC”.
Following the IPO, 25% of the shares will be in free float with Qtel now consolidating 64.06% of Asiacell, including an existing stake of 49% held through a wholly owned Iraqi subsidiary.
Qtel previously announced its intention to increase its shareholding to 60% subject to clarification of the applicable foreign ownership restrictions by the Iraqi authorities which it has now received. Consistent with the clarifications, Qtel increased its shareholding in Asiacell from 60% to 64.06% for a total consideration of IQD 241.3 billion (US$ 207.12 million).
His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group commented:
“We are grateful to the Iraqi authorities for their clarification of the foreign ownership regulations which has permitted us to increase our shareholding in the IPO. Asiacell is an outstanding business and has seen excellent performance year on year. We believe that the Iraqi market is about to enter a period of rapid broadband and data growth and that Asiacell is well positioned to meet the demands of the population for high quality, reliable and affordable voice and data services.”
Commenting on the successful share offer and admission to trading on the ISX, Mr. Faruk M. Rasool, Managing Director of Asiacell, said:
“This was a milestone event for us at Asiacell as well as being a transformative share offering for the Iraqi stock market. Demand for Asiacell shares exceeded our expectations as investors from across the country participated in this offering to become a shareholder in our company. We’ve also seen strong demand from investors outside of Iraq from institutions from the US, Europe and the Middle East.”
“Looking ahead, we welcome our new shareholders to the Asiacell success story. The company has a clear strategy to grow our business across Iraq, offering our customers the best in network quality, cutting edge tailored packages and customer service. We look forward with confidence to delivering on our strategy and to the creation of value for all of our shareholders.”
Note: US$ 1 = IQD 1,165.
