Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th February 2022).
The RSISX index ended the week at IQD650 (+1.0%) / $697 (+1.0%) (weekly change) (+4.8% and +4.8% YTD change, respectively). The number of week traded shares was 18.2 bn and the weekly trading volume was IQD24.8 bn ($16.8 mn).
ISX Company Announcements
- Cross transactions: 7.0 bn shares of Al Mustashar Islamic Bank for Investment & Finance (BMUI) on Feb. 13, which represents 2.8% of BMUI's capital. 1.3 bn shares of Asiacell (TASC) on Feb. 14, which represents 0.4% of TASC's capital. 4.7 bn shares of Al-Ataa Islamic Bank for Investment & Finance (BLAD) on Feb. 16, which represents 1.9% of BLAD's capital.
- According to Asiacell's (TASC) parent company, Ooredoo's announcement, Asiacell generated QAR 3.7 bn (around $998 mn) revenue in FY21, down by 9% due to the weakening purchasing power following the devaluation of the Iraqi Dinar and the effect of the Covid-19 pandemic. Although we see a decline in QAR terms, in local currency terms revenue increased by 9% to IQD1.5 trln according to Ooredoo's results. EBITDA improved by 13% to IQD677 bn and EBITDA margin increased from 43% in FY20 to 46% in FY21. Asiacell's customer base increased 9% y/y to 16.0 mn as end of FY21. Ooredoo stated that there was a significant increase in data consumption after TASC extended its 4G coverage to 90% of the sites, launched 4G+ and increased LTE-enabled sites in the network.
- Union Bank of Iraq (BUOI) resumed trading on Feb. 15 due to disclosing its annual and quarterly financial results for the period 2016 - 2020. BUOI closed the week at IQD0.25 price per share, down by 13.8%; however, we didn't put the company in the worst performers table this week, because the company has been suspended from trading since August 6, 2017.
- Ashour Hotel (HASH) resumed trading on Feb. 15 due to disclosing its 2019 and 2020 annual financial statements. HASH closed the week at IQD7.00 price per share, up by 9.4%; however, we didn't put the company in the best performers table this week, because the company has been suspended from trading since July 8, 2019.
- AL- Kindi of Veterinary Vaccines (IKLV) discussed and approved 2020 annual financial statement in its AGM held on Feb. 15.
- Metallic & Bicycles Industries (IMIB) resumed trading on Feb. 16 after being suspended from trading for its AGM (Jan. 23) in which they discussed and approved 2017 - 2020 annual financial statements, amending the name of the company by adding an activity (oil sector related to treatment and recycling of hydrocarbon waste) to become the "National Company for Metallurgical Industries, Mining and Bicycles", and postponing the discussion about the investment projects with Shinig Motor and partnership contract with Rawa'at Al-Mustathmer Company.
- ISX will suspend trading of Modern Chemical Industries (IMCI) starting Feb. 21 due to the AGM that will be held on Feb. 24 to discuss and approve 2020 annual financial statements.
- ISX will suspend trading of Al-Mashreq Al-Arabi Islamic Bank for investment (BAMS) starting Feb. 22 due to the AGM that will be held on Feb. 26 to discuss and approve 2020 annual financial statements and increase the capital to IQD250 bn through 25% rights issue.
- ISX will suspend trading of World Islamic Bank (BWOR) starting Feb. 28 due to the AGM that will be held on Mar. 3 in which they will discuss and approve increasing the company's capital from IQD250 bn to IQD260 bn through 4% right issue (for selected shareholders).
- Iraqi for Seed Production (AISP) will hold an AGM on Mar. 8 to discuss and approve 2020 annual financial statements, increasing the capital to IQD22.9 bn through 52.63% bonus issue, and distributing dividend. The company has been suspended from trading since Jul. 5, 2021 due to not disclosing its 2020 and 2021 annual financial statements.
- United Bank (BUND) received, on Jan. 30, the CBI's approval to merge and close some of its branches across the country as follows: Kirkuk branch will be merged with Erbil branch; Babylon branch will be merged with Karbala branch; Al-Rabee branch will be merged with Al-Mansour branch; Al-Fallujah branch will be merged with Al-Ramadi branch; and finally, Samarra branch will be merged with Tikrit branch.
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