Iraqi mobile operator Asiacell has confirmed that it received approval from the Securities Commission to list its shares on the Iraq Stock Exchange (ISX).
With this IPO, Asiacell becomes the country’s first mobile operator to go public after a…
Iraqi mobile operator Asiacell has confirmed that it received approval from the Securities Commission to list its shares on the Iraq Stock Exchange (ISX).
With this IPO, Asiacell becomes the country’s first mobile operator to go public after a one-year delay.
Under the terms of their licences, Zain Iraq, Korek and Asiacell had been required to float 25% of their capital in order to triple the value of the Baghdad bourse, which stood at US$2bn in March 2009.
But all three companies failed meet the August 2011 deadline. As a result the Communications and Media Commission (CMC) decided in early July to fine the carriers between US$8,500 and US$13,000 a day from September 2011 until the IPOs take place.
