Iraqis flock to Asiacell shares in final days of offering
- Iraq: Saturday, January 26 - 2013 at 09:20
- PRESS RELEASE
Asiacell Communications, a provider of quality mobile telecommunications services in Iraq with 9.9 million subscribers, confirmed that demand for its shares in Iraq's first share offer of its kind is high amongst ordinary Iraqis and professional investors alike.
There is no minimum investment in the shares making it accessible for all Iraqis. Remaining investors who wish to be involved in the share offer are urged to apply now to avoid missing the deadline for applications.
Commenting on the announcement, Mr. Faruk M. Rasool, Managing Director of Asiacell, said, "We are honoured that so many Iraqis, from all over the country, have been placing their orders for Asiacell shares. It's really important for us to give the people of our country the chance to invest in our company, and to give them the opportunity to benefit from being an owner of our company as we grow by offering our customers the best quality mobile communications products and services."
"We have also seen a lot of demand from international institutional investors from countries including the UAE, United Kingdom and United States. Investors - both in Iraq and internationally - are saying they see this offering as a unique opportunity to buy into an Iraqi success story," he added.
The share offer of 67.503 billion shares, representing 25% of Asiacell's share capital, opened to investors on 3 January. It is the largest share offer of all time in Iraq and the biggest in the Middle East since 2008. The offer is open to all investors who have a trading account with one of the registered brokers with the Iraq Stock Exchange (ISX).
Trading in the shares of Asiacell will start on the ISX under the ticker "TASC" on 3 February 2013.
How to participate
The offer is open to all investors, individuals and institutions with a trading account in Iraq.
Investors who would like to participate in the Asiacell Offer should contact a broker registered with the ISX (the "Brokers") and obtain and read the full Offer leaflet which is available from the Brokers and from Asiacell stores. Investors can subscribe by placing a buy order to acquire Shares at at least IQD22 per share, between the 3rd January and the 2nd February 2013, with one of the Brokers.
Investors can follow these simple steps:
1. Open a trading account with one of the Brokers. For a full list of Brokers, see the ISX web site www.isx-iq.net.
2. The Brokers will be able to provide investors with a buy-order form which must be completed in full and returned to the Broker.
3. Full payment for the Shares must be made with the submission of the buy-order form.
Rabee Securities, Iraq's - premier independent brokerage, is acting as sole distributor and selling agent and Melak Iraq, an Iraqi Financial Advisory Firm, is sole adviser to the Company in respect of the Offer.
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