Asiacell Announces IPO Fully Subscribed

Doha, February 04 (QNA) - Qatar Telecom ("Qtel"). subsidiary Asiacell on Monday announced the successful completion of its share offer (the "Offer"). The offering raised IQD 1,485.1 billion (US$ 1.27 billion), representing 25% of its share capital. The company also announced the admission of its Shares to the Official List of Securities maintained by the Iraq Securities Commission ("ISC") and to trading on the Iraq Stock Exchange ("ISX"), under the ticker "TASC". The IPO, 25% of the shares will be in free float with Qtel now consolidating 64.06% of Asiacell, including an existing stake of 49% held through a wholly owned Iraqi subsidiary. Qtel previously announced its intention to increase its shareholding to 60% subject to clarification of the applicable foreign ownership restrictions by the Iraqi authorities which it has now received. Consistent with the clarifications, Qtel increased its shareholding in Asiacell from 60% to 64.06% for a total consideration of IQD 241.3 billion (US$ 207.12 million). HE Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, Chairman of the Qtel Group commented: "We are grateful to the Iraqi authorities for their clarification of the foreign ownership regulations which has permitted us to increase our shareholding in the IPO. Asiacell is an outstanding business and has seen excellent performance year on year. We believe that the Iraqi market is about to enter a period of rapid broadband and data growth and that Asiacell is well positioned to meet the demands of the population for high quality, reliable and affordable voice and data services.", he added(QNA)