In compliance with the provisions of its telecom license, Atheer Telecom Iraq Limited ("Zain Iraq") is required to offer at least 25% of its shares on the Iraq Stock Exchange ("ISX"). To that end, Zain Iraq has taken the following steps:
1. Since only Iraqi-domiciled joint-stock companies can list on the ISX, Zain Iraq's shareholders, led by Mobile Telecommunications Company KSC ("MTC"), are in the process of establishing a joint-stock company under the name of Al-Khatem Telecommunications Company ("Al-Khatem").
2. The Iraq Companies Law (21 of 1997) requires that Al-Khatem, as a joint stock company under formation, invite the public to subscribe to the capital at the time of incorporation. As such, Al-Khatem is offering 55.9 million shares for subscription at a price of One Iraqi Dinar per share for a period of thirty days from the date of 4 June 2013. This is a procedural step ahead of the future listing, mandated by Zain Iraq's licence, which is currently planned in due course.
3. After completing this constituent public subscription process, and the fulfilment of other regulatory requirements, Al-Khatem expects to receive a final approval for incorporation from the Companies Registration Department ("CRD"). This will allow the Al-Khatem to commence the necessary steps towards a subsequent offer of 25% of its share capital on the ISX, subject to approval by the telecom and capital market regulatory authorities in Iraq.
(Sources: The National, Bloomberg, Zain)
Sirs:
How do I get in to this IPO?
I have Iraqi Dinars.
I am an American citizen.
Thank You!
this initial 55.9 million shares is going to be quite hard for foreign investors to invest in since its requires physical presence and some paper work. However, once the company is ready to list in ISX, foreign clients can easily subscribe and buy shares. My advice to foreign clients is to wait until the listing.
also, you need to keep in mind the demand will be far more that this 55.9 so investors will not get all what they subscribed for..... in asiacell's case, the percentage was only 0.001250 of what investors signed-up for.
Sir:
Thank You!