By John Lee.
Zain Iraq has applied for a listing on the Baghdad stock exchange (ISX).
As part of their 15-year licences awarded in 2007, Iraq’s three mobile network operators — Zain, Asiacell and Korek — were required to float at least a quarter of their shares and join the Iraq Stock Exchange (ISX) by August 2011.
So far only Asiacell has floated, and fines are being levied against the others.
Abdul Razzaq Al-Saadi [Abdul Razaq Dawood Al-Sa’di], Chairman of the Iraqi Securities Commission (ISC), told Reuters:
“They (Zain Iraq) have preliminary approval … There are some technicalities that need to be ironed out, such as the mechanism of listing and subsequent trading and some further requirements from Zain that they have pledged to sort out.”
Once given final approval Zain Iraq will have two months to list otherwise its application will be void.