23 Iraqi Companies Suspended

According to a report from Rabee Securities, the Iraq Securities Commission (ISC) is suspending trading in the companies listed below, starting Monday, August 8th, 2011.

The reason is their violation of instruction # (14) related to financial disclosure; their failure to submit their annual reports for 2010 and/or quarterly financial reports for first quarter 2011 within the due date.

Please note the companies in bold are mixed joint stock companies, where the government still has some ownership. These companies are mandated to be audited by the board of auditors, a governmental body, for the annual reports.

This board is completely jammed and has tremendous delays. We will update you with any further changes.

Companies which will have their trading suspended for their failure to submit 2011 Q1 financial reports are:

  1. Investment Bank (BIBI)/ Private Sector Company

Companies which will have their trading suspended for their failure to submit both 2010 annual reports and 2011Q1 financial reports are:

  1. Sumer Commercial Bank (BSUC)/ Private Sector Company
  2. Northern Soft Drinks & Mineral Water (INSD) / Private Sector Company
  3. The Light Industries (ITLI) / Mixed Joint Stock Company
  4. Electronic Industries (IELI) / Mixed Joint Stock Company
  5. Palestine Hotel (HPAL) / Mixed Joint Stock Company
  6. Baghdad Motor cars Servicing (SBMC) / Mixed Joint Stock Company
  7. AL-Therar for Agricultural Production (ATHP) / Private Sector Company

Companies which will have their trading suspended for their failure to submit 2010 annual reports are:

  1. Nineveh Food Industries (INFI)/ Private Sector Company
  2. Eastern Brewery (IEAB)/ Private Sector Company
  3. Al-Hilal Industries (IHLI)/ Mixed Joint Stock Company
  4. AL- Kindi for Production of Veterinary (IKLV) / Mixed Joint Stock Company
  5. Modern Paint Industries (IMPI) / Mixed Joint Stock Company
  6. National Metallic Industries & Bicycles (IMIB) / Mixed Joint Stock Company
  7. Iraqi Date Processing & Marketing (IIDP) / Mixed Joint Stock Company
  8. Ready Made Clothes (IRMC) / Mixed Joint Stock Company
  9. Modern Sewing (IMOS) / Private Sector Company
  10. Ishtar Hotels (HISH) / Mixed Joint Stock Company
  11. AL-Mansour Hotel (HMAN) / Mixed Joint Stock Company
  12. Iraqi Land Transport (SILT) / Mixed Joint Stock Company
  13. Baghdad Passengers Transport (SBPT) / Mixed Joint Stock Company
  14. Iraqi for General Transportation (SIGT) / Mixed Joint Stock Company
  15. Iraqi For Meat production & Marketing (AIPM) / Mixed Joint Stock Company

(Source: Rabee Securities)

One Response to 23 Iraqi Companies Suspended

  1. Quest August 8, 2011 at 4:02 am #

    How long are companies usually suspended for?