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  1. #1
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    Iraqi telecom Asiacell hopes to raise $1.3 billion

    BAGHDAD (AP) -- Asiacell, one of Iraq's three mobile service providers, said Tuesday it is looking to raise $1.3 billion through what would be the country's biggest stock offering yet.
    A successful floatation on Baghdad's low-volume stock exchange could reassure international investors, many of whom remain wary of the risky Iraqi market nearly a decade after the U.S.-led invasion in 2003.
    The company plans to offer 67.5 billion shares for at least 22 Iraqi dinars, or just under 2 cents, apiece when it launches the initial public offering on Jan. 3. Investors will have until Feb. 2 to submit orders for the shares.
    "We're delighted to be able to provide the chance for all Iraqis to participate in our future by taking a stake in Asiacell," Managing Director Faruk Rasool said in a statement. "We're confident in our future as Iraq's mobile industry continues to grow."
    The shares being offered represent a quarter of Asiacell's total share capital. The Gulf state of Qatar's government-backed Qatar Telecom owns 53.9 percent of Asiacell, which is based in the northern Iraqi Kurdish city of Sulaimaniyah.
    A number of the company's founding shareholders will be cashing out at least part of their investment with the floatation.
    Asiacell competes against Zain Iraq, part of Kuwait's Zain, and Korek, an affiliate of France Telecom.
    The three companies are required to list shares on the stock exchange as a condition of their 15-year operating licenses, which cost $1.25 billion when they were acquired in 2007. All three missed a deadline in August 2011 to offer shares to the public.
    Asiacell began offering cell phone service in Iraq's highly autonomous northern Kurdish region in 1999. Mobile phone services did not exist in the rest of Iraq until after the 2003 U.S.-led invasion that toppled the dictatorship of Saddam Hussein.
    The company now boasts nearly 10 million subscribers and says its network covers 97 percent of Iraq's population.
    Adoption is a reason to be Thankful.

  2. #2
    Supporter and Investor! haggisbasher's Avatar
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    The IPO closed today,wonder what the shares will start trading at,maybe find out tomorrow.am very disapointed Warka could not get me any.

  3. #3
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    Quote Originally Posted by haggisbasher View Post
    The IPO closed today,wonder what the shares will start trading at,maybe find out tomorrow.am very disapointed Warka could not get me any.
    You didn't seriously expect Warka to be allowed to take part in this when they are not even in a position to return bank deposits to customers ?

  4. #4
    Supporter and Investor! haggisbasher's Avatar
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    Ano this was a potential massive earner they lost out on,wish they would start trading again so i could unload 15 million warka shares.i know i will never have faith in Al-warka bank again.

  5. #5
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    I guess no actual trading with Asiacell shares took place today. Market report shows huge volume at 22 IQD, so probably they just registered an IPO on the exchange. Another interesting thing is that 47 out of 67 billion shares have been acquired by foreign investors within 99 transactions if numbers are correct? Which is hard to believe, I think number of foreign investors in Asiacell is larger.

  6. #6
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    This was posted on another isx broker's site: Somewhat of an explanation of how the IPO will happen.

    12.4.12 Important Message about the Upcoming IPO of Asiacell

    We received an official letter from the ISX stating that Asiacell ( whose symbol is TASC ) had been listed on the ISX and that 25% of the company shares would be traded on the ISX on 3 February 2013 . The number of shares and the minimum share price will be announced on the ISX website , www-isx-iq.net , on 25 December 2012 . Buying Authorizations will be sent by ISX brokerage firms to the ISX from 3 January 2013 to 2 February 2013 . Your Buying Authorizations will be executed on 3 February 2013, the first day TASC is traded on the ISX .
    In accordance with Aljazera Brokerage Company policy, the minimum number of TASC shares you can purchase is 100,000 shares .

  7. #7
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    Just received my executed order of shares of Asiacell!!! I am so stoked!!

  8. #8
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    Quote Originally Posted by BettingOn Iraq View Post
    This was posted on another isx broker's site: Somewhat of an explanation of how the IPO will happen.

    12.4.12 Important Message about the Upcoming IPO of Asiacell

    We received an official letter from the ISX stating that Asiacell ( whose symbol is TASC ) had been listed on the ISX and that 25% of the company shares would be traded on the ISX on 3 February 2013 . The number of shares and the minimum share price will be announced on the ISX website , www-isx-iq.net , on 25 December 2012 . Buying Authorizations will be sent by ISX brokerage firms to the ISX from 3 January 2013 to 2 February 2013 . Your Buying Authorizations will be executed on 3 February 2013, the first day TASC is traded on the ISX .
    In accordance with Aljazera Brokerage Company policy, the minimum number of TASC shares you can purchase is 100,000 shares .
    Is it possibler to transfer stock holdings from warka to aljezera ?

  9. #9
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    I never have. But I have a friend who is in the process of trying to move his stock to Aljazera.

    I believe tohers on IIF have been successful in moving their stock to other brokerages.

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