Iraqis flock to Asiacell shares in final days of offering [CPI Financial]
(CPI Financial Via Acquire Media NewsEdge) Asiacell Communications, an Iraq-based provider of mobile telecommunications services, has confirmed that demand for its shares in Iraq's first share offer of its kind is high amongst ordinary Iraqis and professional investors.
Orders for shares from Iraqis, coupled with demand from international investors, indicates that the offering will be fully subscribed when the offer period closes on 2 February. There is no minimum investment in the shares.
Faruk M. Rasool, Managing Director of Asiacell, said, "We are honoured that so many Iraqis, from all over the country, have been placing their orders for Asiacell shares. It's really important for us to give the people of our country the chance to invest in our company, and to give them the opportunity to benefit from being an owner of our company as we grow by offering our customers the best quality mobile communications products and services.
"We have also seen a lot of demand from international institutional investors from countries including the UAE, United Kingdom and United States. Investors - both in Iraq and internationally - are saying they see this offering as a unique opportunity to buy into an Iraqi success story."
The share offer of 67.503 billion shares, representing 25 per cent of Asiacell's share capital, opened to investors on 3 January. It is the largest share offer of all time in Iraq and the biggest in the Middle East since 2008. The offer is open to all investors who have a trading account with one of the registered brokers with the Iraq Stock Exchange (ISX).
Trading in the shares of Asiacell will start on the ISX under the ticker TASC on 3 February 2013.
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