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Admission Details:
• The offer period for Iraq's first ever mass share offer is now closed to investors
o However, opportunities to purchase shares will follow post-offering
• The price of the share offer was set at IQD 22 per share implying a market capitalisation of $4.95bn
• The offering raised $1.24bn, 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
• The total number of transactions was c.2900
• Trading in the shares of Asiacell commence today on ISX, under the ticker TASC
Commenting on the successful share offer and admission to trading on the ISX, Mr. 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.
"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."
Advisers
Rabee Securities, Iraq's leading independent brokerage, acted as sole distributor and selling agent and Melak Iraq, an Iraqi Financial Advisory Firm, was sole adviser to the Company in respect of the Offer.
Posted by Nadeen El Ajou
