Iraq telecom operator set to go public in 2013

BAGHDAD - The Associated Press

An unidentified man talks on his mobile phone as he stands at the site of a car bomb attack in Kirkuk, Iraq. EPA photo

The Iraq Stock Exchange says one of the country’s largest mobile operators will start publicly trading its shares early next year. It will be the first stock float since the reign of Saddam Hussein.

The ISX said in a statement Sunday that a quarter of the Iraqi telecom operator Asiacell shares will be traded publically as of Feb. 3.

The statement says the Initial Public Offering will take place from Jan. 3 to Feb. 2 and that the share price must be determined by Dec. 25. Asiacell, an affiliate to Qatar Telecommunications, is one of three mobile operators in Iraq. The other two are Zain Iraq, part of Kuwait’s Zain, and Korek, an affiliate of France Telecom.