Asiacell share offer raises $1.220bn in Iraq's biggest ever offering
- Iraq: Tuesday, February 05 - 2013 at 11:30
- PRESS RELEASE
Asiacell Communications, a leading provider of quality mobile telecommunications services in Iraq with 9.9 million subscribers as of September 2012, is pleased to announce the successful completion of its milestone share offer as thousands of investors across Iraq subscribe for the company's shares.
• The offer period for Iraq's first ever mass share offer is now closed to investors
- However, opportunities to purchase shares will follow post-offering
• The price of the share offer was set IQD 22 per share implying a market capitalisation of $4.9bn
- The offering raised $1.220bn, representing 25% of its share capital
• The fully subscribed share offer evidenced high demand from Iraqi, Middle Eastern and international investors
• Asiacell is the largest share offer of all time in Iraq and the biggest equity offering in the Middle East since 2008
• Trading in the shares of Asiacell on ISX, under the ticker TASC.
Commenting on the successful share offer and admission to trading on the ISX, Faruk M. Rasool, Managing Director of Asiacell, said:
"This was a milestone event for us at Asiacell as well as being a transformative share offering for the Iraqi stock market. Demand for Asiacell shares exceeded our expectations as investors from across the country participated in this offering to become a shareholder in our company. We've also seen strong demand from investors outside of Iraq from institutions from the US, Europe and the Middle East, and the offer opened new doors for foreign investment in Iraq. In accordance with the preliminary information available the participation of foreign investors was 70% of the 25% of the share capital of the Company which was offered through the ISX, as so the majority will remain Iraqi per the law with a percentage of approximately 82.5%.
"Looking ahead, we welcome our new shareholders to the Asiacell success story. The company has a clear strategy to grow our business across Iraq, offering our customers the best in network quality, cutting edge tailored packages and customer service. We look forward with confidence to delivering on our strategy and to the creation of value for all of our shareholders."
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