Qtel raises Asiacell stake to 64.1 per cent

Qtel Group has raised its stake in Iraq’s Asiacell to 64 per cent as a result of the Iraqi network’s stock market floatation on February 4.

Asiacell sold a quarter of its shares through the government mandated stock market floatation, and as previously suggested by the company, Qtel took the opportunity to raise its stake.

Qtel said that it had raised its stake from 53.9 per cent to 64.1 per cent.

The IPO was fully subscribed, and the shares jumped by 10 per cent on their first day of trading on the Baghdad Stock Exchange.

Foreign investors bought about 70 per cent of the shares on offer, which was supposed to be a way for the government to increase local ownership of large companies.

The country’s other two mobile networks are also required to sell a quarter of their shares through IPOs.