Asiacell confirms plans to list on Iraq stock exchange

Mobilk - Asiacell, a provider of quality mobile telecommunications services in Iraq, with over 9.9 million subscribers, confirms its intention to proceed with a share offer (the "Offer") of shares on the Iraq Stock Exchange ("ISX").

Asiacells founding shareholders will offer 25% of the shares in the Company on the ISX (the "Shares"). 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 February 3, 2013.

Highlights

• First major share offer of its type in Iraq

• Iraq is amongst the fastest growing markets in the world 

• Rapidly growing mobile telecoms market in a country with a weak fixed line infrastructure 

• Asiacell is one of the largest mobile operators in Iraq with a growing subscriber base.

• The Company has strong network coverage in Iraq covering all 18 governorates. 

• Solid financial performance

• Strong brand recognition and tailored product offering 

• Strong management team 

Mr. Faruk M. Rasool, Managing Director of Asiacell, commented, "Asiacell has an established and growing position in Iraq. Our progress in the past few years has been driven by the growth in the Iraqi telecoms market which is characterised by underdeveloped fixed line networks and by strong growth in mobile voice and data usage across the country. Our success to date is evidenced by our solid financial performance and strong EBITDA margins coupled with our recognised position as having outstanding customer services, network coverage and innovative products for our customers."

"The listing of our shares will be an important milestone for Asiacell and we expect it to be the first major share offer of its type in Iraq, a market that is seeing among the highest GDP growth levels of any country globally. We believe we are extremely well positioned to continue to benefit from the exciting growth opportunities the Iraqi telecoms market has to offer. The listing will allow investors throughout Iraq to become shareholders of the company and participate in the companys growth."

Rabee Securities, Iraqs 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.