Arab Today, arab today qatar tel gains control of iraqi asiacell
Last Updated : GMT 21:02:56
Arab Today, arab today
Arab Today, arab today

Qatar Tel gains control of Iraqi Asiacell

Arab Today, arab today

Arab Today, arab today Qatar Tel gains control of Iraqi Asiacell

Doha - Arabstoday

Qatar Telecom has reached agreements to double its stake in Iraq’s No. 2 operator Asiacell to 60 percent for $1.47 billion as it seeks to exploit rising demand for broadband. Qtel will initially raise its stake to 53.9 percent from 30 percent, with a further increase pending Iraqi government and regulatory approval, the company said in an emailed statement. Qtel declined to identify the sellers of the stake, but in January sources told Reuters the operator was planning to buy private equity firm Merchant Bridge’s 19 percent holding in Asiacell, a company that provided about a fifth of Qtel’s revenue in the first quarter. “The Iraqi market is about to enter a period of rapid broadband and data growth,” Qtel chairman Sheikh Abdullah al-Thani said in the statement. “This acquisition is in line with our long-term strategy ... through which we seek to increase our ownership in companies with significant potential.” Iraq’s mobile operators have yet to launch 3G services, and fixed line broadband is in its infancy. Asiacell has a 38 percent share of Iraq’s mobile subscribers, according to rival Zain’s 2011 annual report. Zain’s Iraqi unit is the market leader with 53 percent of subscribers, while France Telecom affiliate Korek has 9 percent. The three operators were awarded 15-year mobile licenses in 2007. These licenses required them to launch initial public offerings to sell 25 percent of their shares by the end of August 2011, but all three have yet to do so, saying the fledgling Iraqi bourse is ill-prepared. “We continue to work hard on preparing for Asiacell’s landmark IPO planned for later this year,” Sheikh Abdullah added. Qtel will finance the acquisition from existing funds. In May, sources told Reuters the operator had asked banks for proposals about a $1 billion commercial paper program. Qtel owns majority stakes in Oman’s Nawras and Kuwait’s Wataniya.from the daily star.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today qatar tel gains control of iraqi asiacell Arab Today, arab today qatar tel gains control of iraqi asiacell

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 13:24 2017 Monday ,27 February

Raysut Cement proposes 65 per cent cash dividend

GMT 12:32 2017 Monday ,27 February

Spanish trade mission to visit Oman

GMT 06:41 2017 Monday ,27 February

Saudi CPI continues to slide downward

GMT 06:22 2017 Monday ,27 February

6th GCC Financial Forum kicks off today

GMT 06:00 2017 Monday ,27 February

Egypt puts off raising entry visa fee for visitors
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday