Tag Archives | National Bank of Kuwait

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 […]

ISX Clarifies Custody Situation

By Mark DeWeaver. On March 3, the ISX posted the following notification on its website: “No institution or competent body has requested a license to act as custodian pursuant to Decree No. 17 of 2012. “Therefore, the Depository Centre remains the sole body conducting the transfer of securities from the account of the investor [registered] […]

NBK Makes Custody Breakthrough

By Mark DeWeaver. In a move that is likely to mark the start of a new era for the Iraq Stock Exchange (ISX), National Bank of Kuwait (NBK) has begun offering custody support services for ISX-listed shares through its 80%-held subsidiary Credit Bank of Iraq. This is arguably the most important step forward for the […]

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 […]

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 […]

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 […]

Citigroup Hires Diplomat to Spearhead Iraq Expansion

Bloomberg reports that Citigroup, the U.S. bank which earns about a $1 billion in revenue from the Middle East, has hired a former U.S. diplomat to oversee its team in Iraq as the holder of the world’s fourth-biggest oil reserves rebuilds its economy. “We are very optimistic about Iraq over the next three to five […]