Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 2nd April 2015).
The RSISX index ended the week at ID1,151 / $1,207 (+0.6%) (weekly change) ) (-17.4% and -18.5% YTD change, respectively). The number of week traded shares was 6.0bn and the weekly trading volume was IQD6.1bn ($5.3mn).
ISX Company Announcements
- According to the announcement of the CBI for all the banks related with tax restrictions, along with the restrictions those are sent to the banks and based on the requirements of the prime minister, and in order to facilitate the process of taxing the clients (importers) through the banks, it has been decided to deduct the following percentages from the clients as it is counted in Iraqi Dinar which is equivalent to the importing amount in USD: 5% insurance on custom fees and 3% insurance on income tax. These percentages will be implemented regardless of whether the importing products are tax free or not. The deducted amounts will be settled later by the General Directorates of Customs and Taxes based on the legal percentages and mechanism. These instructions were implemented starting March 25, 2015 cooperating with General Directorates of Customs and Taxes to transfer the deducted amounts to them.
- Original shares of Babylon Bank (BBAY) will resume trading on Apr. 5, 2015 after they approved 2013 annual financial results and increasing the capital from IQD178.9bn to IQD250bn through rights and bonus issues. The opening price will be IQD0.490 per share with +/-50% limit for the first session.
- Shares of Modern Paint Industries (IMPI) will resume trading on Apr. 5, 2015 after they approved 2013 annual financial results, re-announcing the investment file of the company and authorizing the Board of Directors to negotiate and sign the investment contract without returning to the General Authority and electing new board members.
- New shares of Ishtar Hotels (HISH) from the capital increase to IQD2.25bn through 50% bonus issue resumed trading on Apr. 2, 2015.
- ISC has decided to suspend the trading of Iraqi Date Processing & Marketing (IIDP) starting on Apr. 2, 2015 for its failure of disclosing financial results of the financial year ended on Aug. 31, 2014.
- Original shares of AL-Nukhba for Construction (SNUC) resumed trading on Apr. 1, 2015 after they approved 2013 annual financial results, increasing the capital from IQD2bn to IQD5bn through 150% rights issue and electing new board members.
- According to the letter (No: 8131, Date: Mar. 24, 2015) issued by the Registrar of Companies to the General Company of Cement-South and published by ISX today, investment shares of Union Bank (BUOI) in Middle East Insurance Company (1,000,000,000), Iraqi Land Transport (SILT) (1,050,000), Al-Hilal Industries (IHLI) (6,870,847) and Al-Sadeer Hotel (HSAD) (3,290,843) were blocked. Please note that there’s no previous booking on the bank’s shares neither on its investment shares in other companies.
- Iraqi for Seed Production (AISP) will hold its AGM* on Apr. 6, 2015 to discuss and approve annual financial results (annual period of AISP is ended on March 31, 2014), increasing its capital through bonus issue, distributing cash dividend, closing all of the remaining deficit and closing the cash & inventory differences (war damages). ISX suspended trading of AISP starting on Mar. 30, 2015.
- According to a letter from National Bank of Iraq (BNOI) no. 1701 on Mar. 23, 2015, sent to the Registrar of Companies, the subscription on Kharkh Tour Amuzement City (SKTA) shares has ended on Mar. 22, 2015. The subscription for 500mn shares to increase the capital to 1.0bn was started on Feb. 19, 2015. There subscription details are: 1) Number of subscribed shares by SKTA shareholders was 403,562,367. 2) The remaining 96,437,633 shares were subscribed by the public. 3) The total subscription by the public reached 4,433,250,000 shares (however, the public was able to subscribe for the 96,437,633 shares).