By Simon Kent.
Zain Iraq is now listed on the Baghdad stock exchange, some 4 years after the company was required to do so under the terms of their market entry to Iraq, Reuters reports.
Analysts such as Hassan Aldahan, chairman of Baghdad investment company Bain Alnahrain, explained that the 50% rise on share value was artificially inflated. Aldahan noted that this was due to a lack of auditable financial data from the company.
Zain Iraq closed Tuesday’s trading with a market capitalization of $9.4 billion, compared to a market capitalization of over $6 billion for the parent company.
Zain Iraq’s profits have fallen in the face of competition from Asiacell and Korek, as well as gains by the Islamic State last year.