Investcom eyes acquisitions, Iraq as IPO nears (19/09/05)


Middle Eastern firm Investcom is eyeing acquisitions and fast-growing telecoms markets such as Iraq in an expansion funded by its first share offering as well as borrowing, Chief Executive Azmi Mikati said on Saturday.
 
Investcom see's the potential of Iraq's fast growing telecoms market
 
Investcom said earlier it would make its market debut in Dubai, becoming one of the first companies to list on a new bourse trumpeted by local officials as a project that would turn the booming Gulf Arab emirate into a major financial centre.

Investcom, which is rapidly raising its international profile, also plans a secondary listing in London. Mikati said a second independent director would join the board controlled by Lebanon's powerful Mikati family.

Investcom has more than 3.3 million mobile phone subscribers in sub-Saharan Africa and Arab countries such as Syria and Yemen.

The company said this week it had won mobile phone licences for Afghanistan and the West African nation of Guinea.

Mikati said Investcom was looking closely at Iraq, where some operators expect growth of 400 per cent this year and next.

Iraqi authorities are expected to start issuing national licences soon. "We are involved in the (Iraq) process. All I'm saying is that it will take some time," he said.

Mikati said he was excited about prospects for the Gulf Arab region, where investors are scrambling to cash in on an economic boom sparked by soaring oil prices.

Source: Reuters


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