Asiacell buys out Cayman affiliate

Qtel says Asiacell has bought all the Iraqi assets of a company being shut down by a Cayman Islands court.

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By  Reuters Published  August 19, 2007

Qatar Telecommunications (Qtel) said on Sunday an Iraqi mobile phone affiliate had bought all the Iraqi assets of a company that was being shut down by a Cayman Islands court.

Qtel owns more than 30% of Iraqi mobile operator Asiacell Communications that bought one of three licences sold by the Iraqi government last week, it said in a statement on its website.

Asiacell Communications would take over the 3.7 million Iraqi customers of Asiacell Cayman Islands, a firm incorporated in the Cayman Islands. Asiacell Cayman's majority shareholder had asked a court to shut down the company earlier this year.

Asiacell "has purchased all of the assets of Asiacell Cayman from the liquidator in the Cayman Islands," Qtel said.

Asiacell, Iraqi operator Korek and Kuwait's Mobile Telecommunications (Wataniya) paid $1.25 billion each for three licences sold by the government at an auction in Jordan.

"Qtel has an effective shareholding in Asiacell Communications of just over 30 percent, through an investment company that Qtel controls," the Qatari operator said in a statement on the Abu Dhabi stock exchange website.

Qtel will be consolidating Asiacell's results from now on," it said.

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