Qatar Telecom now owns 64.1% of Asiacell

Qatar Telecom used Iraqi unit Asiacell’s $ 1.27 billion share sale, Iraq’s largest ever flotation, to raise its stake to 64 percent in a vote of confidence in a country recovering from years of war and economic sanctions.

As the first big equity sale since a US-led invasion of 2003 toppled Saddam Hussein, the listing of Iraq’s No. 2 telecom operator was seen as a test of investor appetite, with other local telecoms firms also required to float as a condition of their operating licenses.

The initial verdict seems positive. Asiacell shareholders, led by managing director Faruq Mustafa Rasool, sold 67.5 billion shares in the offer, a quarter of its share capital, at 22 dinars apiece and it was fully subscribed by Sunday’s close.

A day later, Asiacell shares ended 5.7 percent higher at 23.25 dinars on the Iraq Stock Exchange (ISX).

Some 70 percent of the public offer went to foreign investors, including Qatar Telecom (Qtel). Iraq did not have a mobile phone market under Saddam Hussein and the sector has blossomed since his fall to become the country’s fastest growing industry after oil.
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