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FINANCIAL NEWS
Qatar Telecom ups stake to 60% in Iraq’s Asiacell
06 Jun 2012
(MENAFN) Qatar Telecom (Qtel) recently agreed to increase its stake in Iraq’s Asiacell to 60 percent for USD1.47 billion as it aims to tap rising demand for broadband, Reuters reported.
Qtel said in a statement that it will first increase its stake to 53.9 percent from 30 percent, with a further increase pending Iraqi government and regulatory approval.
Qtel, which owns majority stakes in Oman’s Nawras and Kuwait’s Wataniya, will finance the acquisition from existing funds.
Asiacell has a 38 percent share of Iraq’s mobile market, according to rival Zain’s 2011 annual report.
Zain’s Iraqi unit is the top mobile operator with 53 percent share of the market, while France Telecom affiliate Korek has 9 percent.
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