Abu Dhabi's Invest AD plans to buy into the region's biggest share sale in the past four years. Asiacell, the Sulaimaniyah-based mobile operator, whose initial public offering begins today, will be the "top holding" in the investment manager's Iraq fund, it said yesterday.
"Asiacell is going to be one of those stocks, that regardless of the price or valuations it sells at, will perform well," said Sherif Salem, the manager of the Invest AD Iraq Opportunity Fund. "We plan to participate. The telecom sector is one of Iraq's biggest stories and our Iraq fund is based on that."
Asiacell, with Qatar Telecom as a major shareholder, plans to raise as much as US$1.3 billion (Dh4.78bn) from investors. The offering is the biggest in the Middle East and North Africa since Saudi Arabian Mining, also known as Ma'aden, raised $2.5 million in June 2008.
Asiacell to be top holding in Invest AD's Iraq fund - The National
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