Rabee Securities listed Asiacell Communications PJSC yesterday (Sunday). The company started trading today under the ISX ticker "TASC", at a starting price of IQD 22. In total 67,503,000,000 number of shares were listed and sold, for a total of IQD 1,485,066,000,000 (around $1.24 billion). Asiacell's market cap is IQD 5,940bn ($4.95bn). Foreigners bought 70% of […]
By John Lee. Asiacell’s share sale has been fully subscribed before its closing date, according to the IPO’s organizer. Shwan Ibrahim Taha, chairman of Rabee Securities, confirmed to Bloomberg News: "The offering is now comfortably covered with a good mix of retail and institutional demand from within Iraq as well as institutional and high net […]
By John Lee. Asiacell's $1.35 billion share sale will be fully subscribed, bookrunner Rabee Securities has told Reuters. Shwan Ibrahim Taha, chairman Rabee Securities, said: "I knew there would be interest, I just didn't know how much - I can say that we will easily cover it. We will be fully subscribed ... We are […]
By John Lee. Doubts have been expressed regarding Asiacell's ability to raise the record $1.27 billion planned in its forthcoming IPO (initial public offering). According to a report from International Financing Review, observers are said there is a strong possibility the deal may not go through. "The thing about these three Iraqi mobile companies is […]
By John Lee. Abu Dhabi's Invest AD plans to buy into the Asiacell IPO (initial public offering), making it the top holding in its Iraq fund. Sherif Salem (pictured), the manager of the Invest AD Iraq Opportunity Fund, and one of our Expert Bloggers on Iraq Business News, said: "Asiacell is going to be one […]
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, […]
By Mark DeWeaver. Another roller coaster year for the ISX is drawing to a close. By the middle of May, the Rabee Securities RSISX index had fallen 24% from its early October 2011 peak. Since then, the market has staged a dramatic rebound. As of December 8, the index was down just 3% from the […]
By John Lee. The Iraq Stock Exchange says that Iraqi telecom operator Asiacell will start publicly trading its shares as of 3rd February. Associated Press also report that it will be the first stock float since the reign of Saddam Hussein. An Initial Public Offering (IPO) of 25 percent of the company's shares will take […]
By John Lee. Zain Iraq plans to finally go ahead with its stock market listing by early 2013 at the latest, according to a report from Reuters. Hisham Akbar (pictured), Zain's deputy chief executive and chief operating officer, told reporters on Tuesday that the company still needs to convert to a joint stock company in […]
Iraq's communications regulator has decided to fine mobile phone operator Asiacell $8,500 per day since September 1, 2011 for failing to list on the local stock exchange, according to a report from Reuters. Ahmed Alomary, commissioner of Iraq's Communications and Media Commission (CMC), also told the agency that the regulator had also decided to fine […]
Foreign investors’ appetite for Iraq’s stock market is rising before planned IPOs by the country’s three mobile telephone operators, but the fledgling market’s small size means it may struggle to cope with the listings, according to a report from Gulf News. The Iraq Stock Exchange (ISX) is an outpost of private sector business in Iraq, […]
Iraq's stock exchange market will double its capitalization to $8 billion once the three main mobile-phone companies operating in the country are listed, according to Taha A. Abdulsalam, chief executive of the Iraq Stock Exchange (ISX). The three mobile phone operators, Asiacell, Korek Telecom, and Zain Iraq, are required by the terms to their licences […]
