Qtel Group Member Asiacell Announces Intention to List on Iraq Stock Exchange

Doha, December 23 (QNA) - Qatar Telecom Q.S.C. (Qtel) subsidiary Asiacell has confirmed its intention to proceed with a share offer (the "Offer") of Shares on the Iraq Stock Exchange (ISX) as part of the terms of its license (the "Shares"). Asiacell s founding shareholders will offer 25% of their Shares on the ISX. The admission of these Shares to the official list of securities maintained by the Iraq Securities Commission ("ISC") and to trading on the ISX is expected to commence on 03 February 2013. Rabee Securities, Iraq s largest independent brokerage, is acting as sole distributor and selling agent and Melak Iraq, an Iraqi Financial Advisory Firm, is sole adviser to the company in respect of the Offer, read a statement published on the (Qatar Exchange) website. Qtel currently owns 53.9% of Asiacell. Asiacell is a leading provider of quality mobile telecommunications services in Iraq. It became the first mobile telecommunications provider in Iraq to achieve nationwide coverage, offering its services across all of Iraq s 18 governorates. The Company traces its origins to the establishment of Asiacell Company For Telecommunications - Iraq Limited in Iraqi Kurdistan in 1999. (QNA)