Tag Archives | BNP Paribas

Court Rejects ‘Oil-for-Food’ Lawsuit

By John Lee. The US Supreme Court has rejected an attempt by Iraq to revive a lawsuit against companies for allegedly conspiring with Saddam Hussein’s government to subvert the United Nations oil-for-food program. According to the Reuters report, more than 80 companies and other entities were named as defendants in the 2008 lawsuit over the […]

Iraq Loses Oil-for-Food Lawsuit

By John Lee. According to a report from Reuters, a US federal appeals court has rejected Iraq’s effort to sue dozens of companies for allegedly conspiring with the Saddam Hussein regime to subvert the United Nations’ oil-for-food programme and deprive Iraqi citizens of humanitarian aid. The court said Iraq’s government could not recoup damages under […]

GKP Launches Convertible Bonds

By John Lee. Gulf Keystone Petroleum (GKP) announced today the launch of an offering of senior unsecured convertible bonds which will be issued in a principal amount of US$ 50 million. The New Bonds are to be issued on the same terms (save for the issue price) as, and shall be consolidated and form a […]

Zain Takes Step towards IPO

By John Lee. Zain Iraq has moved a step closer to launching its mandatory initial public offering (IPO), by establishing a new holding company in Iraq through which it will list 25 percent of its shares on the Iraq Stock Exchange (ISX) towards the end of the year. The new company, named Al-Khatem Telecommunications, floated […]

Zain Iraq Plans IPO by July

John Lee. Zain Iraq‘s Chief Financial Officer, Wael Ghanayem (pictured), has told Bloomberg that the company plans to list 25 percent of its shares on the Iraq Stock Exchange  (ISX) by the end of June. But Geoffrey Batt, managing director of the $44 million Euphrates Iraq Fund, told the news agency: “A more realistic estimate is […]

Iraqi Oil-for-Food Lawsuit Collapses

By John Lee. An Iraqi lawsuit accusing more than 90 companies of conspiring with Saddam Hussein’s regime to frustrate the United Nations’  program, and depriving Iraqis of roughly $10 billion of essential aid, has been dismissed by a court in New York. Reuters reports that U.S. District Judge Sidney Stein said the government of Iraq […]

GKP Shares Fall on Fundraising for Shaikan

By John Lee. Gulf Keystone has announced the launch of an offering of senior unsecured convertible bonds due October 2017 in a principal amount of USD$ 200 million, which may be increased in the event the Company exercises in full its increase option of up to USD$ 25 million (the “Increase Option”). Shares in the […]

Zain Iraq Invests $20m to List on Stock Market

Iraq’s biggest mobile phone operator, Zain Iraq, has invested about $20 million in its efforts to list on the local stock exchange, according to a report from Reuters. Chief executive Emad Makiya told the agency: “We have invested a lot of money. We have invested over $20 million in this. We have hired lawyers, we […]

Afren Closes Kurdistan Acquisition And Financing

Afren plc has completed the acquisition of a 60 percent participating interest in the Barda Rash PSC and 20 percent participating interest in the Ain Sifni PSC, located in the Kurdistan region of Iraq, and executed a corporate credit facility for up to US$200 million in connection with the Acquisition. Further to the announcement of […]

2 of the 3 Mobile Telcos Select Banks for IPO

Asiacell has selected HSBC and Morgan Stanley to manage its initial public offering (IPO) on the Iraqi bourse, according to Bloomberg. Chief Executive Officer Diar Ahmed told the news agency that the company will offer 25 percent of its shares, but did not specify when. The company, which is an affiliate of Qatar Telecom, is […]