Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th Apr 2017).
The RSISX index ended the week at IQD947 (-1.6%) / $972 (-1.6%) (weekly change) (-1.3% and +2.6% YTD change, respectively). The number of week traded shares was 3.3bn and the weekly trading volume was IQD2.4bn ($1.9mn).
ISX Company Announcements
- Following CBI letter number 973/6 on Apr. 2, 2017 related with issuing local bonds by the CBI for the MoF with five categories (IQD100K, IQD250K, IQD500K, IQD1mn and IQD5mn) totaling IQD1trln with 8% annual interest, CBI made the following announcement on Tuesday: “The bonds will be paid with annual coupons for two years by the MoF on Apr. 2, 2019. IQD802.15bn was sold and IQD197.85bn remained from the total IQD1trln local bond issue. The deadline for buying these local bonds announced as May 2, 2017 for the remaining categories as the following: 215K unit from IQD500K, 87.45K unit from IQD1mn and 580 units from IQD5mn.”
- Mamoura Real Estate Investment (SMRI) will hold AGM* on Apr. 30, 2017 to discuss and approve 2016 annual financial results, increasing the capital from IQD19.2bn to IQD22.78bn through 15.0% rights issue and 3.6% bonus issue. ISX will suspend trading of SMRI starting on Apr. 25, 2017.
- Al-Harir for Money Transfer (MTAH) will hold AGM* on May 13, 2017 to discuss and approve 2016 annual financial results, converting the company from money transfer to an Islamic bank and increasing the capital from IQD45bn to IQD100bn though 122.2% rights issue. ISX will suspend trading of MTAH starting on May 9, 2017.
- Al-Mansour Bank (BMNS) resumed trading on Apr. 18, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 5% cash dividend (IQD0.05 dividend per share, 5.1% dividend yield).
- Original shares of Al-Rabita Al-Maliya Company (MTRA) resumed trading on Apr. 20, 2017 after discussing and approving 2016 annual financial results, increasing the capital from IQD45bn to IQD100bn through 122.2% rights issue and deciding to convert the company from money transfer into an Islamic bank.
- ISX announced that Al-Maraj Al-Alamiya for Money Transfer (MTMR), having IQD100bn paid-in capital, completed the procedures to convert into Trust International Islamic Bank (BTRU). BTRU will be traded in the secondary market.
- Iraqi Date Processing and Marketing (IIDP) resumed trading on Apr. 18, 2017 after fulfilling ISC disclosure requirements and publishing 2016 annual results.
- Fallujah for Construction Materials (IFCM), which was suspended from trading on July 5, 2015, disclosed the current conditions of the company. The company mentioned that the total damages on the company due to the security conditions reached IQD4.4bn. It was mentioned that there are small damages in buildings and infrastructure that can be fixed and put into use. IFCM said it has two lands, one is 120 acres over which plants and factories were built, and the second is 108 acres which is located on the fast road linking Iraq, Jordan and Syria. IFCM stated that they can start to operate again by covering the losses and damages.
- ISX disclosed that the Companies Registrar approved the conversion of Al-Muhej Money Transfer (MTAM) into Al-Qabidh Islamic Bank for Finance and Investment (BQAB) with a capital of IQD100bn. BQAB will trade in non-regular market. The CBI granted BQAB the banking license on Feb. 8, 2017.
- ISX announced that Al-Bilad Islamic Bank for Investment and Finance (BLAD), having IQD250bn paid-in capital, has completed the listing procedures. BLAD will start trading in the regular market after depositing and activating 5% of the listed shares or after 21 days of deposing the company’s shares.