Qatar Telecom (“Qtel”) Q.S.C. subsidiary Asiacell confirmed today 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”). Qtel currently owns 53.9% of Asiacell.

Asiacell’s founding shareholders will offer 25% of their Shares on the ISX. The Offer will be a price of at least IQD 22 per share.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.