Asiacell aims for October IPO

Telco has been admitted to ISX and shares could start trading next month
All three of Iraq's mobile operators were due to list on the local bourse.
All three of Iraq's mobile operators were due to list on the local bourse.

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Iraqi mobile operator Asiacell has been admitted to the Iraq Stock Exchange (ISX) and its shares could start trading next month, according to a report from UAE daily, The National.

Taha Abdulsalam, chief executive of the ISX, told the paper that it was waiting for a few “technical issues” to be arranged in order for Asiacell to start trading.

"We need to contact the communications regulator and figure out if they have a specific plan on how they want to go about the IPO, agree on a date for the first day of trading, publish financial statements on our website and other filings ... and see if any rules or regulations need to be fine-tuned for the specifics for trading on telecommunications companies," he was quoted as saying by The National.

Asiacell, which is part of Qatar’s Qtel Group, was supposed to stage an IPO by August, along with its competitors, Zain Iraq and Korek.

The regulator, the Communications and Media Commission (CMC), said at the time that it would fine Asiacell $8,500 a day since September 1, 2011 for failing to list on the local stock exchange, while Korek will be fined $2,500 per day.

The three operators were required to list on the stock exchange as part of their $1.25 billion operating licences but all three missed the deadline of August 2011.

Asiacell won approval to list from the stock market regulator last month.

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