Complex Made Simple

Asiacell takes top prize in ‘Corporate Finance’ category for its record-breaking IPO, at Middle East’s Largest Treasury Conference

Asiacell Communications PJSC (‘Asiacell’, Ticker: ‘TASC’ on the Iraq Stock Exchange), a leading provider of quality mobile telecommunications services in Iraq with 10.6 million subscribers, received an international award at the ACT Middle East Treasury Awards for the category of ‘The Corporate Finance’ during the 2013 ACT Middle East Annual Conference held on 26th – 27th November 2013 in Dubai.

The Association of Corporate Treasurers Middle East (ACTME), the leading body for treasury and finance professionals announced the ACTME Deals of the Year Awards winners at a ceremony during the 4th Middle East Annual Conference. The region’s primary gathering for the treasury community brought together over 400 delegates including both experienced professionals and current students to share knowledge and congratulate the winning organizations.’

During the award ceremony Dr. Diar Ahmed, senior advisor to the Chairman and former CEO of Asiacell was presented with the ‘Corporate Finance’ prize for Asiacell’s listing on the Iraqi bourse early 2013. The IPO was the biggest in Iraqi history doubling the size of the country’s stock exchange. Investors snapped up the shares.

“This award is an important recognition of the Asiacell’s IPO. The impact of this IPO is multifold. Not only it doubled the market capitalization of the Iraqi Stock Exchange and enhanced trading liquidity, but it also drew the international investment community’s spotlight to Iraq and its promising telecom sector. We thank the ACT Middle east Treasury Awards team and the judges for this recognition, and we look forward to continuing our work to provide state-of-the-art products and services and quality cellular network to our customers”, said Faruk Mustafa Rasool, Asiacell Chairman.

“Asiacell has received in the past valuable awards in different fields and this current winning, will add value to our mission and encourages us to do our utmost in our business. Just to recall the past achievements, Asiacell has won, among many others awards, ‘The Best Equity Capital Market Deal Award’ during the TMT Finance Middle East & North Africa 2013 Conference held in April 23rd in Dubai for its IPO that was recorded as the biggest in MENA since 2008, a move considered not only an achievement for Asiacell, but for the capital market in Iraq,” added Rasool. “Finally, it gives me great pleasure to dedicate this award to Asiacell’s team that made this multi-award winning IPO possible. They have dedicated much time, effort, and creativity to overcome a lot of difficulties and yet to achieve a job well done,” he concluded.

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