Arab Today, arab today qatar tel gains control of iraqi asiacell
Last Updated : GMT 22:49:43
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.

arabstoday
arabstoday

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

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 France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today How to do your own Ramadan corner?

GMT 15:53 2017 Saturday ,27 May

How to do your own Ramadan corner?
View News in Arabic - Business: اقتصاد عربي
Arab Today, arab today
Arab Today, arab today
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