Zain Iraq said it would be offering 25% of its shares on the Iraqi stock market in June and expects high demand. The company said that its profits increased over the past year by about 6% and that it expects double digit growth during the coming year.
The Iraqi stock market had announced in the beginning of February that 35 billion shares of the 67 billion shares offered by Asiacell had been traded.
This volume of trading is the largest seen in the Middle East since 2008. An Iraqi financial expert said that Asiacell will realize profits of around $1 billion as a result of this trading.
Asiacell announced the successful completion of its stock offering in a public statement, saying that these measures allowed thousands of investors across Iraq to contribute to the equity of the company.
The company said that the Iraqi stock market made further purchases of their stock unavailable to the public, but added that opportunities to purchase more shares will come again after the public offering is completed.
The company said that offering price was fixed at less than $2 per share, which means that the company’s market value stands at approximately $4.9 billion. The company stated that the public offering successfully raised $1.22 billion, representing 25% of the company's capital.
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