Iraq’s Asiacell May Float on Stock Market

Qatar Telecom QSC, the country’s largest company by revenue, is mulling plans to sell shares to the public in its Iraqi unit in two years, according to its chief strategy officer.

“We are beginning to think now about doing an IPO in Baghdad,” Jeremy Sell said at a presentation in the Qatari capital Doha today. “We are going to start now. We are going to start planning for an IPO that is two years away.”

Qatar Telecom, called Qtel, owns shares in subsidiaries from Algeria to the Philippines including Iraq’s Asiacell. The company has sought to expand overseas because of increased competition in its home market following the entry of Vodafone Qatar last year.

France Telecom is understood to be close to a deal to buy a stake in Asiacell’s competitor, Korek.

(Source: Bloomberg)

Comments are closed.