Asiacell was unable to confirm earlier media reports suggesting a listing of the Iraqi mobile operator was likely around June.
This follows an earlier Reuters report quoting the chief executive of the Iraq Stock Exchange (ISX) saying that…
Asiacell was unable to confirm earlier media reports suggesting a listing of the Iraqi mobile operator was likely around June.
This follows an earlier Reuters report quoting the chief executive of the Iraq Stock Exchange (ISX) saying that Asiacell’s listing is on track to completing its compulsory listing on the local bourse by mid-2012.
One of three Iraqi mobile operators to miss the initial August 2011 listing deadline, Asiacell is the only one to have completed the key step of becoming a shareholder’s company, according to the article quoting ISX CEO Taha Abdulsalam.
Abdusalam reportedly said he expects Asiacell – Iraq’s second largest mobile operator – to list around June, adding that the company has sent a notice saying it is working to meet all requirements.
A spokesperson for Asiacell, in which Qatar Telecommunications (Qtel) holds a 30% stake, confirmed the company is working with regulators toward listing “at some stage”. He said it is worth noting, however, that Asiacell needs to secure the approval of the Iraqi regulators and its own shareholders before it can list, which it has not yet done. Describing Abdusalam’s comments as “encouraging”, he said he could not comment on the likely timing of the listing.
It is a condition of their mobile operating licences that Asiacell and fellow local mobile licence holders Zain Iraq and Korek launch initial public offerings on the ISX.
Upon missing the August 2011 deadline, however, all three operators claimed the ISX wasn’t ready to handle the listings.
Abdusalam was also quoted in the Reuters report as saying Zain Iraq, part of the Kuwait-based Zain Group, has been in contact with the ISX about listing but Korek, in which France Telecom and Kuwait’s Agility own stakes, has not.
