By John Lee.
Dow Jones reports that Zain Iraq has extended the time frame to launch an initial public offering (IPO) and list its shares on the Iraq Stock Exchange (ISX).
While Zain Group’s chief executive had previously stated that it would list the Iraq operation by the end of June, group chairman Asaad Ahmed al-Banwan (pictured) said following the company’s annual general meeting yesterday that the company was now aiming to list Zain Iraq by the end of 2013:
"In 2012, our operation in Iraq continued to be the market leader with respect to customer numbers and we expect further tangible growth opportunities there, especially on the back of the widespread expansion of our network into the northern regions of the country ... Zain Group is also intensifying its efforts towards listing its Iraq operation on the Iraq Stock Exchange by 2013 as stipulated by the company’s licence."
Zain Group did not indicate why the time frame for listing Zain Iraq had been extended.
(Source: Dow Jones)