Zain Maintains Plan for IPO

By Patrick M Schmidt.

Despite more than a three year delay and the current security situation in Iraq, Zain has announced that they still intend to commit to their initial public offering.

"Against the backdrop of security and safety issues, Zain Iraq is today mainly focused on maintaining its network and providing much needed mobile services to our customers and the Iraqi community at large," said a Zain spokesperson.

Currently Zain is one of two carriers who have not listed stocks on the Iraqi Stock Exchange per their network license agreements.

The two other carriers areĀ Asiacell, a division of Ooredoo, and Korek, a division of Orange. Asiacell joined the Iraqi Stock Exchange in February 2013 and sold 25% of its shares for $1.27 billion.

(Source: Reuters)

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