By John Lee.
Shares in Asiacell, the first of Iraq's mobile phone operators to list on the stock exchange, are now open for subscription.
According to a statement from the company:
• Investors are now invited to complete and submit their application forms to subscribe
• 67.503 billion shares, representing 25% of Asiacell's share capital, are available to investors
• The offer is open to all investors who have a trading account with one of the registered brokers with the Iraq Stock Exchange (" ISX ")
• There is no minimum number of shares that investors can subscribe to
• The subscription period is open from today until 2 February 2013
• Asiacell will be trading on the ISX under the ticker "TASC" on 3 February 2013
• The Offer is expected to be the biggest in Iraqi history
Commenting on the announcement, Mr. Faruk M. Rasool (pictured), Managing Director of Asiacell, said:
"It's an exciting day for us all - we are inviting all Iraqis - whether they wish to buy small or large number of shares - to own a part of Asiacell, a truly Iraqi success story. We are building on very solid foundations and our plan is to continue to offer our subscribers ever better quality network coverage, the best customer service and innovative features. We want to share our future growth with an expanded group of Iraqis."
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 IQD 22 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.