Asiacell Approved for Stock Exchange Listing

By John Lee.

Asiacell has become the first mobile operator to reach an initial agreement to list on the Iraqi bourse, according to a report from Reuters.

The company, part of Qatar Telecommunications, along with its two rivals Zain Iraq and Korek, were required to float their shares on the stock market as a condition of their $1.25 billion operating licenses, but all three companies missed the August 2011 deadline.

Iraq's communications regulator has fined all three companies for failing to meet the requirement.

Asiacell said in a statement that it was working through the final paperwork necessary to complete the listing.

(Source: Reuters)

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