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ID1,343 / $1,474, +0.3% (weekly change). The number of weekly traded shares was 16.1 bn and the weekly trading volume was ID25.8bn ($21.8mn).
ISX Company Announcements
- This week United Bank (BUND) announced its 2011 annual report. (Please see the table [1.1] (pg:5))
- Iraq’s central bank has reportedly placed private bank, Warka Bank under guardianship to supervise it through insolvency. According to the report from Reuters, Mudher Kasim, deputy governor of the central Bank of Iraq, said: “We gave Warka a chance to have Standard Chartered to be a partner but that did not happen, so there was nothing we could do as a financial authority, but to intervene as a guardian. He said the central bank would appoint a new temporary administration to run Warka Bank, which would be given a month to appoint an auditor to determine how to restructure it and whether it needs to sell assets to raise capital. (Iraq-Business News)
- Al-Mansour Bank (BMNS) held its General Assembly (GA) meeting on Mar. 6, 2012. In this meeting, shareholders approved the board decision to increase the capital from ID100bn to ID236bn through 51% bonus issue and 85% rights issue. Rights issue will be only paid by the major shareholder, Qatar National Bank (QNB) and its share in the bank will reach 51% from 23%. In addition, BMNS decided to distribute 7.12% cash dividend to shareholders.
- Mosul Bank (BMFI) held its GA meeting on Mar. 5, 2012. Shareholders decided to increase the capital from ID75bn to ID100bn by around 13% bonus issue and 20% rights issue.
- Sumer Commercial Bank (BSUC) will hold AGM on Mar. 15, 2012 to discuss 2011 financial statements and capital increase through rights issue. ISX suspended trading of BSUC starting Mar. 8, 2012.
- Ishtar Hotel (HISH) will hold AGM on Mar. 22, 2012 to discuss 2010 financial statements. ISX will suspend trading of HISH starting on March 15.
- Al-Mansour Pharmaceuticals Ind. (IMAP) will hold AGM on Mar. 31, 2012 to discuss 2011 financial statements and cash dividend ratio. ISX will suspend trading of IMAP starting on March 24.
For the full RS Weekly Bulletin in PDF go to: www.rabeesecurities.com.