Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Zain Iraq to go public by early 2013  Join our daily free Newsletter

MENAFN - 03/10/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN) Iraqi's No.1 telecoms operator Zain Iraq said it will move forward with its long-delayed stock market listing in Baghdad by early 2013 at the latest, Reuters reported.

According to Zain Iraq deputy chief executive and chief operating officer Hisham Akbar, the company must first convert to a joint stock company in preparation for the initial public offering (IPO).

Under Iraqi regulations, telecom operators in the country have to sell a quarter of their shares to investors through an IPO to meet conditions for their mobile phone licences in Iraq.

However, Zain Iraq and rivals Asiacell and Korek missed a deadline of August 2011 for the IPOs and have been fined accordingly.

Zain Iraq was fined USD12,864 per day for missing the IPO deadline. Akbar expects an appeal against this penalty to be heard by year-end.

He also said that parent Zain's shareholding in Zain Iraq would fall to 51 percent from 76 percent if the IPO is fully subscribed.

The requirement for the phone companies to list on the Iraqi stock market is part of efforts to create a more diversified economy and move away from state-run companies.

 






  MENA News Headlines


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help