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Qatar's Qtel increases share in Iraq's Asiacell

BAGHDAD (AP) - Qatar Telecom says it has increased its share in the Iraqi phone service provider Asiacell from 53.9 percent to 64.06 percent after a successful public offering for a quarter of the Iraqi company's shares.

Qtel chairman Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani said on Monday that Asiacell is "an outstanding business and has seen excellent performance" year after year.

Asiacell raised nearly $1.3 billion on Baghdad's small stock exchange Sunday in one of the region's biggest share offers in years. The sale more than doubled the market capitalization of the low-volume stock market from $4.7 billion to $9.65 billion.

Qtel is majority-owned by the Qatari government. It has more than 83 million customers in the Middle East, North Africa and Asia.

Asiacell has nearly 10 million subscribers in Iraq.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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