Iraqi mobile operator Asiacell is stepping up efforts towards listing 25% of its shares on the Iraq Stock Exchange, according to Abu Dhabi-based newspaper The National citing a source close to the matter.
It is reported that the company, which is…
Iraqi mobile operator Asiacell is stepping up efforts towards listing 25% of its shares on the Iraq Stock Exchange, according to Abu Dhabi-based newspaper The National citing a source close to the matter.
It is reported that the company, which is 30%-owned by Qatar Telecom (QTel), has hired BNY Mellon specifically for advice on how to attract international buyers for its IPO.
The bank is considering listing depositary receipts on a foreign exchange in order to kick-start the wider process, according to the paper.
In mid-October, Asiacell also reportedly picked HSBC, Morgan Stanley, and Iraqi brokerage Rabee Securities to manage its IPO in Iraq.
But it was suggested, at the time, that the float was unlikely to take place before 2012 because of volatile market conditions and the time required for completion of the pre-IPO process.
Rumours about an Asiacell listing have been circulating for the past few months. At the end of August a deadline for mobile operators Asiacell, Korek Telecom and Zain Iraq to list 25% of their shares had expired.
But there have been concerns over whether the young stock market is fit to list the shares, according to media reports.
Asiacell and QTel could not be reached for comment before the press deadline.
