The Future Begins Now: A National Alliance Bridging the Gap Between Classroom Seats and Leadership Dreams    Ahl Masr Burn Hospital Concludes First Scientific Forum, Prepares for Expanded Second Edition in 2026    Egypt Tax Authority Standardises VAT Treatment for Exported Services, Issues Guidance    EGX ends week in green on 27 Nov.    Resilience, Innovation, and the Smart Home: Mohamed Ataya on GROHE's Strategic Vision for Egypt    Australia returns 17 rare ancient Egyptian artefacts    Asian stocks rise on Thursday    Gaza death toll rises as humanitarian crisis deepens, Israeli offensive expands in West Bank    China's WINPEX to establish $15m lighting equipment plant in Ain Sokhna    Egypt expands rollout of Universal Health Insurance    Egypt's Al-Sisi links national progress to strict law enforcement, says society has role in reforming legal application    Cairo affirms commitment to Lebanese sovereignty, urges halt to cross-border violations    China invites Egypt to join African duty-free export scheme    Egypt, Algeria agree to deepen strategic ties, coordinate on Gaza ceasefire, regional crises    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Qatar Tel gains control of Iraqi Asiacell for $1.5 billion
Firm agrees to double its stake in Iraq's second largest mobile operator, pending government approval
Reuters Published in Ahram Online on 06 - 06 - 2012

Qatar Telecom (Qtel) has agreed to double its stake in Iraq's No. 2 operator Asiacell to 60 per cent for $1.47 billion as it seeks to exploit rising demand for broadband.
Qtel will initially raise its stake to 53.9 per cent from 30 per cent, with a further increase pending Iraqi government and regulatory approval, the company said in an emailed statement.
Iraq's Farouk Group Holding, which owns 51 per cent of Asiacell, and private equity firm MerchantBridge, owners of 19 per cent, have agreed to sell stakes to Qtel, two sources familiar with the matter told Reuters.
Qtel declined to identify the sellers, but the sources said Morgan Stanley had advised Qtel and Credit Suisse had advised MerchantBridge.
"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."
Asiacell provided about a fifth of Qtel's revenue in the first quarter, while Iraq's mobile operators have yet to launch 3G services and fixed-line broadband infrastructure is in its infancy.
Asiacell has a 38 per cent share of Iraq's mobile subscribers, according to rival Zain's 2011 annual report. Zain's Iraqi unit is the market leader with 53 per cent of subscribers, while France Telecom affiliate Korek has 9 per cent.
The three operators were awarded 15-year mobile licences in 2007. These licences required them to launch initial public offerings to sell 25 per cent 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 programme.
Qtel owns majority stakes in Oman's Nawras and Kuwait's Wataniya.

Clic here to read the story from its source.