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Qtel increases stake in Asiacell to 64%

Tuesday 5 February 2013 | 09:30 CET | News
Qtel Group has raised its stake in Iraq's Asiacell to 64 percent as a result of the Iraqi operator's initial public offering. Asiacell sold a quarter of its shares through the IPO, raising IQD 1.485 billion (USD 1.27 billion), and Qtel took the opportunity to raise its stake the company from 53.9 percent to 64.1 percent. The IPO was fully subscribed, and the shares rose 10 percent on their first day of trading on the Baghdad Stock Exchange. Foreign investors bought about 70 percent of the shares on offer.

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Categories: Mobile & Wireless
Companies: Asiacell / Qtel
Countries: Iraq
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