M:Communications to Support Zain IPO

PRweek reports that the Iraqi unit of Kuwaiti telecoms company Zain has hired PR agency support in advance of its listing on the Iraq Stock Exchange.

The firm has been planning an initial public offering (IPO) in Iraq since the summer and has asked London-based M:Communications to support communications relating to the listing process.

M: will provide PR and investor relations advisory services in Iraq itself.

The Zain listing is one of three major telecoms floats in Iraq planned for 2012. However, the Zain account is understood to be the only one of the three that has specified on-the-ground support in Baghdad.

It is thought the need for representation in Iraq proved problematic for a number of agencies that ultimately declined to pitch for the brief.

Nicholas Lunt, MD of M:’s Gulf business, added that the company would also be working with the management of Zain Saudi Arabia.

The news comes days after it was confirmed that FTI Consulting was working for Iraqi telecoms firm Asiacell ahead of its planned flotation later in the year. The firm, partly owned by Qatar Telecommunications, plans to sell a 25 per cent stake, potentially valuing the firm at more than $4bn.

Korek, a mobile group in which France Telecom and Kuwaiti logistics group Agility have a stake, is also planning a 2012 IPO. Korek is not thought to have selected a comms consultancy at this stage.

(Source: PRweek)

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