Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th Jan 2017).
The RSISX index ended the week at IQ1074 (+0.2%) / $1068 (+0.6%) (weekly change) (+11.9% and +12.8% YTD change, respectively). The number of week traded shares was 49.5bn and the weekly trading volume was IQD33.3bn ($25.4mn).
ISX Company Announcements
- The Iraqi Company Registrar approved the merger decision of Baghdad Soft Drink Company (IBSD) and Yanabee Al-Zawraa (Aquafina) which was taken in the GA meeting on December 26, 2016. In the article of association, which was approved by the registrar, the new capital of IBSD will be IQD177.3bn. The ownership of Mr. Tariq Ibrahim Al Hassan, who is the deputy chairman of IBSD and the sole owner of Yanabee Al-Zawraa (Aquafina), will reach 79.4bn shares at IBSD, corresponding to 44.8% of the new capital (35.1bn original shares + 44.3bn new shares). ISX requested ISC advice for the original shares of IBSD to resume trading (for IQD133bn capital) and depositing the new shares (IQD44.3bn shares) after the approval of the Company Registrar. ISC’s reply hasn’t been issued yet.
- Asiacell (TASC) held its AGM* on Jan. 19, 2017. In the meeting, the company approved 2015 annual financial results and decided to distribute 25% cash dividend (IQD0.25 dividend per share, 3.7% dividend yield).
- Original shares of Al-Ameen Financial Investment (VAMF) will resume trading on Jan. 22, 2017 after discussing and approving 2015 annual financial results and deciding to increase the capital from IQD1.0bn to IQD1.5bn through 50% rights issue. The opening price will be IQD1.43 with +/-50% change for the first trading session.
- Babylon Bank (BBAY) will hold AGM* on Feb. 4, 2017 to discuss and approve 2014 and 2015 annual financial results. ISX will suspend trading of BBAY starting on Jan. 31, 2017. According to CBI announcement on Jan. 16, 2017, BBAY was removed from the deficient banks list. A number of ministries and government departments were notified with this update about the bank status, as the bank has improved its financial efficiency in accord with the requirements of the CBI.
- Three cross transactions occurred on 42.3bn shares of Mosul Bank for Development and Investment (BMFI) on Jan. 17 and Jan. 18, 2017, which represent 17.0% of BMFI capital.
- A cross transaction occurred on 9.5bn shares of Zain Al-Iraq Islamic Bank for Development (BZII) on Jan. 17, 2017, which represents 3.8% of BZII capital.
- A cross transaction occurred on 950mn shares of Kurdistan International Bank (BKUI) on Jan. 15, 2017, which represents 0.2% of BKUI capital.
- Kurdistan International Bank (BKUI) disclosed an increase in ownership percentage of Khan Adil Disko to 32.8bn shares, which represents 8.2% of BKUI capital.
- ISX notified Al-Karkh Court on Jan. 18, 2017 that it will auction on Feb. 5, 2017 the 22.275mn shares of Bank of Baghdad (BBOB) owned by Niran Abdul-Salam Muhammed for the payment of debt to Sumaya Mahdi Abdullah.