Ooredoo IPO subscription successfully closed

03 كانون الأول 2010

Ooredoo Palestine Mobile Telecommunications Public Shareholding Company ("Ooredoo" or the "Company"), the second Palestinian mobile phone operator, announced that subscription for its Initial Public Offering ("IPO" or "the Offer") of shares had successfully closed.

The offer is at least 1.5x oversubscribed with strong demand from retail investors in Palestine and a broad base of international institutional investors predominantly from Europe and the Middle East. A formal announcement on subscription levels will be made once the subscription has been audited in-line with regulatory requirements.

Dr. Mohammad Mustafa, Chairman of Ooredoo, commented: "Today’s announcement is a significant moment in Ooredoo’s history. The fantastic support, which we have seen from Palestinian investors and from Arab and international investors, provide us with a firm foundation for our future as a listed company."

Dr. Bassam Hannoun, Chief Executive Officer of Ooredoo said: "The IPO saw high levels of demand in Palestine and beyond, which has resulted in the offer being oversubscribed. The level of interest from investors is an endorsement of the growth opportunity Ooredoo represents. We are particularly proud that so many Palestinians have chosen to share in our future success."

The key details of the Offer were as follows:

• The Offer comprised 38.7m new shares, representing 15 per cent of the Company’s authorised share capital
• The shares were offered at a fixed offer price of US$1.30 per share
• Proceeds raised in the Offer will be used for general business and operational purposes, and to assist the funding of the balance of fees payable under the Company’s operating licence
• Based on the Offer Price, the market capitalisation of the company is expected to be approximately US$335.4m
• An announcement on final allocations is expected in mid-December, with the listing on the Palestine Exchange in early January 2011