Asiacell Commits US$1bn On Network Expansion

June 2008 | Company Finance Alert

Iraq's second-ranked mobile operator Asicell Communications is to invest US$1bn over a two-year period to fund greater network expansion across the country. The operator was able to purchase its licence at a cost of US$1.25bn last August as one of three licences sold and following a period of uncertainty with regard to its future. The possibility of having its network shutdown loomed in April 2007, after reports suggested that a Cayman Island court had made the decision in the wake of rumours of a disagreement between Wataniya (owned by Qatar Telecommunications) and Asiacell's Kurdish shareholders. With the issue now resolved

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