Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 5th March 2015).
The RSISX index ended the week at ID1,028 (-2.9%) / $1,079 (-2.9%) (weekly change) ) (-26.2% and -27.2% YTD change, respectively). The number of week traded shares was 17.9bn and the weekly trading volume was IQD13.8bn ($11.2mn).
ISX Company Announcements
- Al-Mansour Bank (BMNS) will hold its AGM* on Mar. 22, 2015 to discuss and approve 2014 annual financial results, distributing cash dividend and electing new board members. ISX will suspend trading of BMNS starting on Mar. 15, 2015.
- According the CBI letter no 12/1163 dated on Mar. 1, 2015, the fines for the banks for their violations (lack and difference & foreign currency which may be found in your deposits) will be reduced from 200% to 100% of the amount while keeping the fines of the counterfeit currencies at 500%. The decision was put into effect starting Mar. 1, 2015.
- ISX stopped calculating index ISX37, which was depending on 37 ISX-listed companies. Now, it is adopted the new index ISX60 which is depending on 60 ISX-listed companies upon approving its method of calculation. The free floated shares of the 60 selected companies will be considered in ISX60 index.
- According to ISC letter no 9.471 dated on Mar. 1, 2015, ISC asked the Company Registrar for their confirmation about the capital increase procedures of Trans Iraq Bank for Investment (BTRI) in the last two meetings if they are matching the requirements of article 56/fourth, which says that shareholder/s can buy all the rights issue shares according to a deal with the company. BTRI decided to increase the capital from IQD150bn to IQD200bn in its general assembly meeting held on Sep. 24, 2014, and from IQD200bn to IQD250bn in its general assembly meeting held on Dec. 20, 2014. As the company will open for trading on Mar. 8, 2015, Company Registrar clarification required immediately.
- Depositing procedures for the listing of Al- Muhej For Money Transfer (MTAM) started on Feb. 19, 2015. MTAM will start trading on Mar. 12, 2015.
- Electronic Industries (IELI) will hold its AGM* on Mar. 19, 2015 to discuss and approve 2012 & 2013 annual financial results. ISX will suspend trading of IELI starting on Mar. 12, 2015.
- AL-Badia for General Transportation (SBAG) resumed trading on Mar. 5, 2015 after they approved 2013 annual financial results.
- Iraq Registrar of Companies approved the decisions of Iraqi Date Processing & Marketing (IIDP) including amending the third article of incorporation according to the company’s law no. (21) for the year 1997.
- A cross transaction occurred on IQD12.5bn National Bank (BNOI) shares on Mar. 4, 2015, corresponding to 5.0% of BNOI capital. The seller was Capital Bank of Jordan and the buyer was Palvest Company. Capital Bank of Jordan owns 61.85% of BNOI’s capital. A cross transaction occurred on IQD441mn Al-Ameen for Insurance (NAME) shares on Mar. 4, 2015, corresponding to 14.7% of NAME capital. The seller was Baghdad Brokerage Company and the buyer was Bank of Baghdad (BBOB). A cross transaction occurred on IQD11.5mn Al-Ahlyia for Agricultural Production (AAHP) shares on Mar. 2, 2015, corresponding to 2.0% of AAHP capital.
- AHliya For Insurance (NAHF) will hold its AGM* on Mar. 9, 2015 to discuss and approve 2012 & 2013 annual financial results and distributing cash dividend of the years 2012 & 2013. ISX suspended trading of NAHF starting on Mar. 2, 2015.
- New shares of Mosul Bank (BMFI) from the capital increase to IQD252.5bn through 25% bonus issue resumed trading on Mar. 2, 2015.
- An investment contract has been signed between the Baghdad Municipality (represented by its Real Estate Department manager, Salah Ghanim Abo El Lil) and Kharkh Tour Amuzement City (SKTA) (represented by its manager, Mohammed Saadi Ayash) on Feb. 18, 2015 to rehabilitate and develop Kharkh Amusement City. The project will be implemented in two years and its cost will be $14,262,000.