Asiacell Approved for Stock Exchange Listing
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.