Asiacell is seeking to tap Iraq's wealthy diaspora as the telecommunications company based in Kurdistan attempts to revive stalled plans to go public.
The Iraqi operator, 30 per cent-owned by Qatar Telecom, has appointed BNY Mellon to advise on how to attract international buyers as it prepares for an initial public offering (IPO) of 25 per cent of its shares on the Iraq Stock Exchange.
"The company and its advisers believe a listing of this scale would drive renewed interest in the exchange from international investors, but principally from the wider Iraqi public," said a source close to the company (Asiacell) who asked not to be identified, adding the Iraqi public were not used to a deal of this size,
This would be the first foreign share listing in the country's recent history.
Plans to list three Iraqi telecoms companies - Asiacell, Zain Iraq and Korek, an affiliate of France Telecom - stalled earlier this year, having missed an initial deadline to float by the end of August, which was required as part of their licence agreements.
BNY Mellon is in favour of the listing of depositary receipts on an as-yet undecided foreign exchange in a bid to kick-start the listing process.
Depositary receipts allow investors trading on international exchanges to buy bundles of stocks in companies based overseas. They can also raise capital from mutual funds, which may be unable to invest on overseas exchanges because of their mandates.
They are cheaper and require less disclosure than secondary listings, while also benefiting from the additional liquidity of a fully-developed stock exchange.
In the case of Iraq's telecoms companies, doubts had been raised about whether the Iraq Stock Exchange was sufficiently developed to support their flotation.
The idea of the IPO from the government's point of view was to share the wealth with the people. However, the pricing issue has been the main subject of dispute, said Sherif Salem, the manager of the US$20 million (Dh73.4m) Iraq Opportunity Fund at Abu Dhabi's InvestAD.
"The only way to get the best solution would be a local IPO at a cheaper valuation for local investors, while institutional investors will have to pay a premium which is closer to its fair price," Mr Salem said.
The market capitalisation of the entire Iraq Stock Exchange is $4 billion, compared with a market value for each of the telecoms companies of about $4.5bn, said Peter Gotke, the regional head of depositary receipts at BNY Mellon.
"We can appeal to a dispersed and relatively wealthy Iraqi diaspora," he said. "We think depositary receipts would be a great fit for the telecoms companies." Following decades of conflict and internal repression, Iraqis around the world numbered about 4 million in 2007, according to the UNHCR, the UN Refugee Agency. Many have settled in the US, Canada and Europe, although most remain settled in the Levant region.
Iraq's telecoms market is relatively underserved, with 75.78 mobile phone connections for every 100 inhabitants last year, according to the latest available data from the International Telecommunication Union.
By contrast, the UAE has 145.45 mobile subscriptions for every 100 people.
Asiacell's IPO is being managed by HSBC, Morgan Stanley and Rabee Securities, an Iraqi brokerage.
The Rabee Securities Iraqi Dinar Equity Index has risen 30.8 per cent since the start of the year, making Iraq's stock market the third best-performing worldwide after Venezuela and Mongolia.
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halsayegh@thenational.ae
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THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
Info
What: 11th edition of the Mubadala World Tennis Championship
When: December 27-29, 2018
Confirmed: men: Novak Djokovic, Rafael Nadal, Kevin Anderson, Dominic Thiem, Hyeon Chung, Karen Khachanov; women: Venus Williams
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About Proto21
Date started: May 2018
Founder: Pir Arkam
Based: Dubai
Sector: Additive manufacturing (aka, 3D printing)
Staff: 18
Funding: Invested, supported and partnered by Joseph Group
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
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List of alleged parties
May 12, 2020: PM and his wife Carrie attend 'work meeting' with at least 17 staff
May 20, 2020: They attend 'bring your own booze party'
Nov 27, 2020: PM gives speech at leaving party for his staff
Dec 10, 2020: Staff party held by then-education secretary Gavin Williamson
Dec 13, 2020: PM and his wife throw a party
Dec 14, 2020: London mayoral candidate Shaun Bailey holds staff event at Conservative Party headquarters
Dec 15, 2020: PM takes part in a staff quiz
Dec 18, 2020: Downing Street Christmas party
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Ship name: MSC Bellissima
Ship class: Meraviglia Class
Delivery date: February 27, 2019
Gross tonnage: 171,598 GT
Passenger capacity: 5,686
Crew members: 1,536
Number of cabins: 2,217
Length: 315.3 metres
Maximum speed: 22.7 knots (42kph)
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
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The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
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Winners
Best Men's Player of the Year: Kylian Mbappe (PSG)
Maradona Award for Best Goal Scorer of the Year: Robert Lewandowski (Bayern Munich)
TikTok Fans’ Player of the Year: Robert Lewandowski
Top Goal Scorer of All Time: Cristiano Ronaldo (Manchester United)
Best Women's Player of the Year: Alexia Putellas (Barcelona)
Best Men's Club of the Year: Chelsea
Best Women's Club of the Year: Barcelona
Best Defender of the Year: Leonardo Bonucci (Juventus/Italy)
Best Goalkeeper of the Year: Gianluigi Donnarumma (PSG/Italy)
Best Coach of the Year: Roberto Mancini (Italy)
Best National Team of the Year: Italy
Best Agent of the Year: Federico Pastorello
Best Sporting Director of the Year: Txiki Begiristain (Manchester City)
Player Career Award: Ronaldinho
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Results
Male 51kg Round 1
Dias Karmanov (KAZ) beat Mabrook Rasea (YEM) by points 2-1.
Male 54kg Round 1
Yelaman Sayassatov (KAZ) beat Chen Huang (TPE) TKO Round 1; Huynh Hoang Phi (VIE) beat Fahad Anakkayi (IND) RSC Round 2; Qais Al Jamal (JOR) beat Man Long Ng (MAC) by points 3-0; Ayad Albadr (IRQ) beat Yashar Yazdani (IRI) by points 2-1.
Male 57kg Round 1
Natthawat Suzikong (THA) beat Abdallah Ondash (LBN) by points 3-0; Almaz Sarsembekov (KAZ) beat Ahmed Al Jubainawi (IRQ) by points 2-1; Hamed Almatari (YEM) beat Nasser Al Rugheeb (KUW) by points 3-0; Zakaria El Jamari (UAE) beat Yu Xi Chen (TPE) by points 3-0.
Men 86kg Round 1
Ahmad Bahman (UAE) beat Mohammad Al Khatib (PAL) by points 2-1
Men 63.5kg Round 1
Noureddin Samir (UAE) beat Polash Chakma (BAN) RSC Round 1.
Female 45kg quarter finals
Narges Mohammadpour (IRI) beat Yuen Wai Chan (HKG) by points.
Female 48kg quarter finals
Szi Ki Wong (HKG) beat Dimple Vaishnav (IND) RSC round 2; Thanawan Thongduang (THA) beat Nastaran Soori (IRI) by points; Shabnam Hussain Zada (AFG) beat Tzu Ching Lin (TPE) by points.
Female 57kg quarter finals
Nguyen Thi Nguyet (VIE) beat Anisha Shetty (IND) by points 2-1; Areeya Sahot (THA) beat Dana Al Mayyal (KUW) RSC Round 1; Sara Idriss (LBN) beat Ching Yee Tsang (HKG) by points 3-0.