03/10/2012
BAGHDAD / JD / .. Zain Iraq announced its intention to enter the Iraqi Stock Exchange by early 2013.
According to Reuters, has told Hisham's largest executive vice president and chief operating officer of Zain Iraq journalists on the sidelines of a conference in Dubai that the company's Zain needs to turn into a joint stock company in preparation for launch.
The largest "We hope (in an initial public offering) during the fourth quarter of this year, but the transition to the company (contribution) delay."
Must Zain Iraq and rivals Asiacell of the Qatar Telecom (Qtel) and Korek subsidiary of France Telecom to sell a quarter of its shares to investors through an initial public offering, according to a regulatory requirement within its license to provide mobile phone services in Iraq. But the three companies did not comply with a deadline in August 2011 for subtraction and the imposition of fines Iraq because of it.
Iraq was not a market for mobile phone services in the Saddam era and flourished sector since his overthrow in 2003. The sector has become the fastest growing sectors of the Iraqi economy after oil.
And the requirement of the shares of mobile phone companies in the Iraqi Stock Exchange is part of efforts to diversify the economy and reduce dependence on state-owned enterprises.
But preparation for the inserts saw chaos and it was not clear that the shares to be sold are available for foreign investors and Dual-listed if available to companies.
The Iraqi Stock Exchange a total capital of $ 3.4 billion and is witnessing shares worth three million dollars a day is a relatively small market compared to the size of the phone companies.
In 2011 Nomura estimated the value of Zain Iraq at $ 4.9 billion and Asiacell at $ 4.4 billion.
Iraq and impose a fine on the Zain $ 12 thousand and 864 dollars for each day since the first of September 2011 for failing to comply deadline for an initial public offering. And more are expected to be considered in an appeal by the company on the fine end of the year.
"The total (fine) in the worst case scenario if we have included shares in the first quarter (of 2013) will be four million dollars."
Asked whether Zain Iraq shares will be included in the market and the only one in Iraq, he said "Yes, often," he said, adding that Zain is also considering listing in Jordan and London.
"It was more possibilities (for the implementation of the inclusion of dual or secondary) nine months ago."
He added that the acquisition of Zain Kuwait in the Iraqi company will fall to 51 percent from 76 percent in the case of the initial public offering was fully.
It is expected to be Asiacell the first three companies publicly traded in the market. In August, the company received regulatory approval in Iraq and Iraqi advertisements in newspapers published on incorporation. / End / / 22
According to Reuters, has told Hisham's largest executive vice president and chief operating officer of Zain Iraq journalists on the sidelines of a conference in Dubai that the company's Zain needs to turn into a joint stock company in preparation for launch.
The largest "We hope (in an initial public offering) during the fourth quarter of this year, but the transition to the company (contribution) delay."
Must Zain Iraq and rivals Asiacell of the Qatar Telecom (Qtel) and Korek subsidiary of France Telecom to sell a quarter of its shares to investors through an initial public offering, according to a regulatory requirement within its license to provide mobile phone services in Iraq. But the three companies did not comply with a deadline in August 2011 for subtraction and the imposition of fines Iraq because of it.
Iraq was not a market for mobile phone services in the Saddam era and flourished sector since his overthrow in 2003. The sector has become the fastest growing sectors of the Iraqi economy after oil.
And the requirement of the shares of mobile phone companies in the Iraqi Stock Exchange is part of efforts to diversify the economy and reduce dependence on state-owned enterprises.
But preparation for the inserts saw chaos and it was not clear that the shares to be sold are available for foreign investors and Dual-listed if available to companies.
The Iraqi Stock Exchange a total capital of $ 3.4 billion and is witnessing shares worth three million dollars a day is a relatively small market compared to the size of the phone companies.
In 2011 Nomura estimated the value of Zain Iraq at $ 4.9 billion and Asiacell at $ 4.4 billion.
Iraq and impose a fine on the Zain $ 12 thousand and 864 dollars for each day since the first of September 2011 for failing to comply deadline for an initial public offering. And more are expected to be considered in an appeal by the company on the fine end of the year.
"The total (fine) in the worst case scenario if we have included shares in the first quarter (of 2013) will be four million dollars."
Asked whether Zain Iraq shares will be included in the market and the only one in Iraq, he said "Yes, often," he said, adding that Zain is also considering listing in Jordan and London.
"It was more possibilities (for the implementation of the inclusion of dual or secondary) nine months ago."
He added that the acquisition of Zain Kuwait in the Iraqi company will fall to 51 percent from 76 percent in the case of the initial public offering was fully.
It is expected to be Asiacell the first three companies publicly traded in the market. In August, the company received regulatory approval in Iraq and Iraqi advertisements in newspapers published on incorporation. / End / / 22
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