Zain Iraq plans IPO by Q1-end 2013 

(MENAFN) Iraq's No.1 telecoms operator Zain Iraq plans initial public offering (IPO) by the end of the first quarter of 2013, pending receipt of regulatory approvals, Reuters reported.

In order to meet the conditions for their mobile phone licenses in Iraq, Zain Iraq and rival operators Asiacell and Korek must float a quarter of their shares to investors.

However, all three mobile phone operators failed to do so by August 2011 deadline, and have been fined.

Parent Zain's shareholding in Zain Iraq would fall to 51 percent from 76 percent should the IPO be fully subscribed, Hashem Akbar, CEO of the unit said.