this Prospectus, you shall be deemed to have represented to us that (1) and were related to the listing on the ISX of Asia Cell, a. Mr. Hobbs has assumed the role of CTO for Asiacell in Iraq for the first nine .. Prior to our initial public offering in , the Government owned % of or the Parent to (i) file a registration statement, prospectus or similar. The following disclaimer applies to the base prospectus attached As a result of Asiacell’s initial public offering in February. , Ooredoo’s.

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Over the last few years the unrelenting efforts of Asia Cell team have taken it to heights which only few had imagined possible, even it first started as the first telecommunications venture in Iraq.

The Case of Portugal. Journal of Financial Economics, 56 2pp. This study follows Al-Barrak study investigating a single company case study using accounting data measured by the return on assets, return on sales and other measurements. Journal of Applied Corporate Finance, 18 3pp.

Empirical Evidences from Iran. Kim, Kitsabunnarat and Nofsinger report that the after-IPO performance reductions in Thailand companies were ten times greater compared with the U. Any person who is not a relevant person should not act or rely on this document or any of its contents.

In the last 8 years, information and communication technology ICT has become one of the main interests of the Kurdistan government, business, and individual activities. And, for corporate social responsibility CSRAsia ipl paid prosprctus attention to its responsibility to the community in Kurdistan region and Iraq by participating, supporting, sponsoring, funding many social activities. Lisbon University of Technology.

According to Crocker, companies that undertake IPOs have important discretion in how to use the resulting funds from IPOs, and provide initial investors a public market in which to cash out their shares in the future. Remember me on this computer. Dong and Michel report that when IPO investors underestimate the growth of the industry which leads to better long time performance for companies in high-growth industries.

They also present that industry growth is the most important driver of long time IPO performance among many other factors. Additionally, Asia cell share price increase in the first week of IPO to across 25 Iraqi Dinars, but later face a severe fluctuations that lead to a decline to less than 20 Iraqi Dinars per share as shown in the Appendices The ISX is an entity capital market not related or powered by the government.


Its customers also increase from 9 Million customers, The results show that the companies in the central and western regions performs better than those in the eastern region after the IPO, the performances of the state-owned holding companies are better than the private companies, the amount of funds raised and the shareholding percentage of the largest shareholder have positive impacts on the company operating results before and after the IPO, the results reports that the generation of the IPO effect is not entirely due to the company-level factors.

Hoechle and Schmid did not find any underperformance, but they did find an important underperformance of IPO companies over the first year after going public.

Asiacell Communications PJSC (TASC)

Cabeza and Gomez examine profitability increased in the long time among 58 Spanish companies, while the impact was unimpressive in the short time. S context utilizing a sample of U. Therefore, the Asia cell decision to go to public was a little risky step in a time that the Iraqi financial legislations and accounting standards inappropriate to the current stock market and business environment.

According to Pasupuleti the majority of related literature indicates that the investor would be paid off higher returns in the case of owning a share in the time of IPO than at the time of listing, due to the fact that there is less scope of generating positive returns by trading at the time of listing.

Managerial Finance, 35 7pp. Another limitation is difficulty to access the ownership structure information especially the foreign ownership data in Asiwcell stock exchange. Evidence from the Hong Kong Stock Market. Faruk Rasool, also its main and biggest shareholder Qatar Telecom that has enormous experience in successfully running and advancing mobile telecommunications providers across the MENA region and South-East Asia. Conclusion Asia cell is still facing multiple issues even after its IPO; Asia cell management should consider the lack of strategic management practices which have effect on stock price, also shortage in the kind and number of products and services provided and value add services.

– Company Announcement –

Pande and Vaidyanathan finds a negative performance after first month of listing, and the higher the delay in the listing result increase in the demand and hence higher returns are generated on the initial day trading. Krishnamurti and Kumar find that the longer delay time between the approval date and the actual date of going to public cause unprecedented returns on the initial returns.


Kurdistan region establishment in Iraq dated back to the autonomy agreement between Iraqi central government in Baghdad and the Kurdish opposition after years of heavy fighting in early s. S Dollars for agriculture of China Ltd Cowan, This document is only being distributed to, and is only directed at, i persons who are outside the United Kingdom or ii investment professionals falling within Article 19 5 of the Financial Services and Markets Act Financial Promotion Order the “Order” or iii high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49 2 a to d of the Order or iv those persons, for the purposes of an employee share scheme, falling within Article 60 of the Order all such persons together being referred to as “relevant persons”.

Therefore, Kurdistan region must have its own corporate governance code due to the differences in economy, security, investment law, and attraction of foreign investment companies.

According to Doski, Marane and Assad many companies in a dutiful situation in investing or trading in Iraq and Kurdistan region due to the lack in many legal structures like, there is no Kurdistan corporate governance code nor Iraq corporate governance code which means there is default in legal protection for investors particularly for small investors because equitable treatment and rights of shareholders, role and responsibilities of the board, interests of other stakeholders, integrity and ethical behavior, and disclosure and transparency are not clear yet in Iraqi and Kurdistan region legal system for all private, joint investment, and public companies.

Sincethe Iraqi stock market, ISX has undergone substantial changes and restructuring.

Implications on the Performance of Divested Firms. The securities are only available to, and any invitation, offer or agreement to sub-scribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Obviously the most common goals for going IPO are to increase capital, and comply with legislation www. Additional investigation confirms that companies goes to public in general make use of income-increasing accruals to manage their earnings upwards in the year when they prospectuz public.

Journal of Corporate Finance, 10 3pp. Research Journal aiacell Finance and Accounting www. They analyze factors that may impact the company performance before and after the IPO.