Asia-Cell Network Under Threat

April 2007 | Company News Alert

Iraq's third mobile operator Asia-Cell is threatened with closure, according to one of its major financial backers. The operator is 40% owned by Wataniya Telecom (National Mobile Telecommunications Company), which is itself majority owned by Qatar Telecom (Qtel). In a statement to the Doha stock exchange, Qtel said that 'a petition to liquidate Asia-Cell Cayman…has recently been filed in the Cayman Island courts by Asia-Cell Cayman's majority shareholder.' Asia-Cell is majority owned by Iraqi-Kurdish company Asia-Cell Telecommunications, but its incorporated headquarters are located in the Cayman Islands.

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