Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th Mar 2017).
The RSISX index ended the week at IQ1055 (-1.9%) / $1083 (-1.5%) (weekly change) (+9.9% and +14.3% YTD change, respectively). The number of week traded shares was 11.6bn and the weekly trading volume was IQD12.5bn ($9.8mn).
ISX Company Announcements
- Palestine Hotel (HPAL) will hold AGM* on Mar. 19, 2017 to discuss and approve 2015 annual financial results, writing off IQD1.1bn of the doubtful loans and distributing 31% cash dividend (0.31 dividend per share, 2.1% dividend yield) for 2015. ISX suspended trading of HPAL starting on Mar. 14.
- ISX sent to the ISC for their advice about the Economy Bank for Investment's (BEFI) decision approved in the GA on Mar. 8, 2017. In the GA, BEFI decided to increase its capital from IQD207bn to IQD250bn through issuing 42,846,115,071 new shares according to the article 56 item 4 of the Iraqi companies’ law. 21,423,057,536 of the new shares will be purchased by Sundus Abbas Kadhum, who is owning 100mn shares, and 21,423,057,536 of the new shares will be purchased by Ghufran Saadi Wahib, who will be a new shareholder. According to this article of law, the bank has to fulfill the following two conditions of the capital increase: 1) The approval of the majority of the shareholders, 2) The approval of the CBI.
- United Bank (BUND) announced that it will start distributing 2% dividends from 2014 profit starting on May 25, 2017.
- The CBI approved the final banking license of Al-Qartasi Islamic Bank for Investment and Financing with the capital of IQD250bn on Mar. 6, 2017.
- The CBI decided on Mar. 3, 2017 to suspend issuing approvals of opening branches of money transfer companies for 2017-2018 except the companies that are completing the procedures of transforming into Islamic banks.
- A cross transaction occurred on 1.05bn shares of Asiacell (TASC) on Mar. 12, 2017 which represents 0.3% of TASC capital.
- A cross transaction occurred on 7.2bn shares of Al-Rabita Al-Maliya (MTRA) on Mar. 12, 2017, which represents 16% of MTRA capital.
- Iraqi Land Transport (SILT) will hold a GA on Mar. 27, 2017 to elect BoD, discuss selling the Al-Sadeer Hotel (HSAD) shares, covering the company’s debts because it did not operate for a year and forming a committee to follow up with the company’s frozen balances in the Kuwaiti Commercial Bank.