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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 25th April 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 1.3 bn shares of Asia Al Iraq Islamic Bank (BAIB) on Apr. 21, valued at IQD1.17 bn and corresponding to 0.5% of BAIB's capital.
• The third issuance of "Emaar bonds" was launched for trading starting Apr. 21, 2024, on the bond platform. The price change will be 5% according to the table received from the CBI. The bonds will trade from 10:00 am till 12:00 pm.
• Al-Mansour Bank (BMNS) has completed the legal procedures for the capital increase through a 16% rights issue and a 4% bonus issue to IQD300.0 bn.
• Fitch Ratings has affirmed Trade Bank of Iraq's (TBI) Long-Term Issuer Default Rating (IDR) at 'CCC+', Short-Term IDR at 'C', and Government Support Rating (GSR) at 'ccc+'. Fitch has removed the Stable Outlook on TBI's Long-Term IDR, which was previously published in error. (FitchRatings)

Stocks that resumed / will resume trading:

• Arabia Islamic Bank (BAAI) resumed trading on Apr. 25 after holding its Annual General Meeting (AGM) on Apr. 19 in which they discussed and approved cancelling the decision taken in the previous AGM (Oct. 6, 2023) related to increasing the paid-in capital from IQD250.0 bn to IQD300.0 bn through 20% rights issue.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of Bank of Baghdad (BBOB) starting May 14 due to the AGM that will be held on May 18 to discuss and approve 2023 annual financial statements, dividend distribution, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33.3% bonus issue, and an agreement with Jordan Kuwait Bank.
• ISX will suspend trading of Al Masherq Al-Arabi Islamic Bank (BAMS) starting Apr. 29 due to the AGM that will be held on May 5 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX will suspend trading of Iraqi Agricultural Products (AIRP) starting Apr. 30 due to the AGM that will be held on May 6 to discuss and approve 2021 & 2022 annual financial statements and dividend distribution.
• ISX will suspend trading of Region Trade Bank (BRTB) starting May 5 due to the AGM that will be held on May 8 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD300.0 bn to IQD350.0 bn through 16.7% bonus issue.
• ISX will suspend trading of Iraqi Islamic Bank (BIIB) starting May 7 due to the AGM that will be held on May 11 to discuss and approve 2023 annual financial statements, dividend distribution, and increasing the paid-in capital from IQD250.0 bn to IQD325.0 bn through 30.0% bonus issue.

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By Ahmed Tabaqchali, Chief Strategist of Asia Frontier Capital (AFC) Iraq Fund, for the London School of Economics (LSE) Middle East Centre.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

A fistful of Dinars: demystifying Iraq's dollar auction

The Central Bank of Iraq's (CBI) dollar auction has been a continuous source of controversies and conspiracy theories. The main accusations facing it include: the siphoning of dollars to Iran, money laundering, and currency smuggling.

Missing from this melee is an understanding of the economy's key structural imbalances: mainly that the Iraqi economy is wholly dependent on oil export revenues, and demand for goods and services is met through imports handled by a largely informal private sector.

Consequently, the government's oil revenues are the economy's major source of dollars, and the private sector depends on the auction as a significant source of dollars to pay for these imports. As such, it is the inherent imbalances in the economy's structure that led to contradictory and unsustainable compromises within the functioning of the auction, and not unsubstantiated conspiracies.

This piece aims to demystify the role and the functioning of the auction. It does so through reviewing:

1. the oil and dollar lifecycle within Iraqi economy;
2. the private sector's dollar supply-demand dynamics; and,
3. the causes of the currency's upheavals in November 2022, and their aftermath.

It concludes that the measures undertaken in response to the upheavals have helped resolve most of the compromises that bedevilled the dollar auction in the past.

However, lasting change requires addressing the economy's structural imbalances head-on through implementing fundamental economic reforms centred around redefining the oversized role of the government in the economy and society.

Click here to read the full article.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 18th April 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 3.5 bn shares of Al Mustashar Islamic Bank (BMUI) on Apr. 17, valued at IQD3.5 bn and corresponding to 1.4% of BMUI's capital.
• A delegation from Iraq, led by Minister of Planning Mohammed Tameem, met with a delegation from the US government, headed by Secretary of State Antony J. Blinken, in the High-Level Coordination Committee. According to a statement issued after the meeting, the International Finance Corporation (IFC), will provide a $50 mn loan to the National Bank of Iraq (BNOI) in support of private sector development in Iraq. (Iraq Business News)
• In a statement, the Ministry of Finance (MoF) called on all individuals, banks, and companies who purchased Binaa bonds (first issue) in the denomination of IQD1.0 mn, and Emaar bonds (first issue) in the denominations of IQD500,000 and IQD1.0 mn, to review the bank branches from which the bonds were purchased, to receive the semi-annual interest amounts due on the purchase. (NINA)
• Following approval from the Central Bank of Iraq (CBI), the KRG has announced that the Bank of Baghdad (BBOB) will join its 'MyAccount' financial inclusion initiative. (Iraq Business News)
• The CBI has said it will issue a new series of bonds on behalf of the Ministry of Finance. The "Injaz/Enjaz" ["achievement"] bonds will be offered in two denominations. The first denomination is for IQD500,000 with an annual interest of 6.5% for two years (paid semi-annually), and the second denomination is for IQD1.0 mn with an annual interest of 8.5% for four years (paid semi-annually). They will be available to the public from Apr. 15 to May 15, 2024.
• The head of the Iraqi Securities Commission (ISC), Faisal Al-Haimus, revealed on Wednesday that Iraq is in the process of launching the electronic signature, which is one of the requirements for new investment portfolios to enter the market. (Shafaq News)
• The ISC has approved the request of Ameen Al-Iraq Islamic Bank (BAME) to have a three-month extension period to add the new shares from the capital increase through a 20% rights issue to IQD300.0 bn starting from Mar. 30, 2024.
• The ISC approved the request of Ashour Hotel (HASH), Iraqi Agricultural Products (AIRP), AL- Kindi of Veterinary Vaccines Drugs (IKLV), and Al-Mansour Hotels (HMAN) for an additional extension period of 1 year to submit their 2023 annual financial statements.

Stocks that resumed / will resume trading:

• Original shares of National Bank of Iraq (BNOI) resumed trading on Apr. 14 after holding its AGM on Apr. 8 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33.3% bonus issue, decided to distribute IQD0.2 cash dividend per share, corresponding to a 5.6% dividend yield, and the opening of 7 branches during 2024.
• Ready Made Clothes (IRMC) resumed trading on Apr. 14 after holding its Annual General Meeting (AGM) on Mar. 28 in which they discussed and approved 2022 annual financial statements, electing four original and three alternative board members, and decided to distribute IQD0.0325 cash dividend per share, corresponding to a 0.8% dividend yield.
• Mamoura Real-estate Investment (SMRI) resumed trading on Apr. 14 after holding its AGM on Apr. 3 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.02 cash dividend per share, corresponding to a 0.3% dividend yield.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Arabia Islamic Bank (BAAI) starting Apr. 16 due to the AGM that will be held on Apr. 19 to discuss and approve cancelling the decision taken in the previous AGM (Oct. 6, 2023) related to increasing the paid-in capital from IQD250.0 bn to IQD300.0 bn through 20% rights issue.
• ISX suspended trading of National Company for Tourism Investment (HNTI) starting Apr. 16 due to the AGM that will be held on Apr. 21 to discuss and approve 2022 annual financial statements and dividend distribution.

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By John Lee.

Iraqi Prime Minister Mohammed Shia Al-Sudani met with US President Joe Biden at the White House on Monday.

In a joint statement after the meeting, the two highlighed a number of business-related points:

1. Iraq's Financial and Banking Reform: President Biden and Prime Minister Sudani discussed Iraq's efforts to reform its financial and banking sector to connect Iraq to the international economy and increase trade.
2. Combatting Corruption and Money Laundering: They emphasized the importance of shielding the Iraqi people from the harmful impacts of corruption and money-laundering.
3. Expansion of Correspondent Relationships: Banks in Iraq have expanded their correspondent relationships with international financial institutions to enable trade financing, with most trade finance now occurring through these channels.
4. Improving Investment Climate: Both leaders affirmed the significance of measures to improve the investment climate in Iraq to attract foreign capital and promote economic growth.
5. Cooperation against Financial Crimes: The United States and Iraq committed to strengthening their cooperation to achieve greater transparency and collaboration against money-laundering, financing terrorism, fraud, corruption, and sanctionable activity.
6. Support for Central Bank of Iraq: Both sides committed to supporting the Central Bank of Iraq to fully wind down the wire auction mechanism by the end of 2024 and transition to direct correspondent relationships between Iraqi and international banks.
7. Connecting Iraqi People and Businesses with the International Economy: This transition is expected to connect Iraqi people and businesses with the international economy, facilitating smoother financial transactions.

Joint Statement from the Leaders of the United States and the Republic of Iraq:

Today, the President of the United States, Joseph R. Biden Jr., welcomed the Prime Minister of the Republic of Iraq, Mohammed Shia'a Al-Sudani, to the White House.  The two leaders reaffirmed their commitment to the enduring strategic partnership between Iraq and the United States and discussed their visions for comprehensive bilateral cooperation under the 2008 U.S.-Iraq Strategic Framework Agreement.  The President and Prime Minister agreed on the importance of working together to advance regional stability and reinforce and respect Iraqi sovereignty, stability, and security.

President Biden and Prime Minister Sudani affirmed that a diversified and growing Iraqi economy, integrated with the region and the global economic system, is the foundation for lasting stability in the region and prosperity for the Iraqi people.  The two leaders exchanged views on how political, economic, and security cooperation between the United States and Iraq could advance shared goals, including the development of a strong and stable Iraqi nation that promotes peace and progress throughout the broader Middle East.

Energy and Environment

President Biden applauded Iraq's progress towards energy self-sufficiency, and the two leaders discussed Prime Minister Sudani's interest in future opportunities for cooperation to ensure Iraq becomes self-sufficient by 2030, with help from U.S. companies.  President Biden affirmed continued U.S. support for Iraq's efforts to modernize its energy sector, reduce methane emissions, improve public health, more reliably provide electricity for the Iraqi people, and complete the electrical grid connections with neighboring countries, including the ongoing efforts to connect Iraq's grid with Jordan and GCC countries.  The two leaders discussed future plans to develop Iraq's resources in a manner that ensures all Iraqis benefit from their country's natural wealth, consistent with Iraq's constitution.

Prime Minister Sudani and President Biden affirmed the importance of ensuring Iraqi oil can reach international markets and expressed their desire to reopen the Iraq-Turkiye Pipeline.

Regional Integration and Political Cooperation

President Biden reaffirmed U.S. support for Iraq in strengthening relations with the international community and states of the region to ensure security, stability, and enhanced prosperity for its peoples.  President Biden pledged continued U.S. support for greater economic integration of Iraq with the Middle East region.

President Biden and Prime Minister Sudani discussed their shared view that the Iraqi Kurdistan Region (IKR) is integral to Iraq's overall prosperity and stability.  In that vein, the President commended the Prime Minister's and Kurdistan Regional Government's (KRG) efforts to reach durable agreements that resolve longstanding challenges, including the recent arrangement to pay two months of KRG civil servant salaries, and encouraged continued progress.  The President also affirmed U.S. support for strengthening democracy in Iraq, including free, fair, and transparent regional elections in the IKR.

Economy and Finance

President Biden and Prime Minister Sudani discussed Iraq's progressive efforts to reform the financial and banking sector to connect Iraq to the international economy and increase trade while shielding the Iraqi people from the harmful impacts of corruption and money-laundering.  Through 2023 and 2024, banks in Iraq have expanded their correspondent relationships with international financial institutions to enable trade financing, with the majority of trade finance now occurring through these channels.  The two leaders affirmed the importance of these and other measures to improve the investment climate in Iraq to attract foreign capital and promote economic growth.  The United States and Iraq commit to strengthen their cooperation to achieve greater transparency and collaboration against money-laundering, financing terrorism, fraud, corruption, and sanctionable activity that could undermine the integrity of both countries' financial systems.  The two sides also committed to support the Central Bank of Iraq to fully wind down the wire auction mechanism by the end of 2024 and transition to direct correspondent relationships between Iraqi and international banks, a transformation that will connect Iraqi people and businesses with the international economy.

The Lasting Defeat of ISIS

President Biden and Prime Minister Sudani discussed their commitment to a stable and secure Iraq.  They agreed that Iraq's security forces must be able to ensure that ISIS can never again reconstitute inside Iraq to threaten the Iraqi people, the region, or the international community, including the United States.  President Biden reiterated his belief that a strong Iraq, capable of self-defense, is critical to regional stability and committed to bolstering the capabilities of security forces across all of Iraq to secure the country's territory and people.

Nearly ten years after establishing the Global Coalition to Defeat ISIS, the two leaders discussed the Coalition's successes in both Iraq and Syria, where all Iraqi security forces including in Kurdistan were critical to the territorial defeat of ISIS.  Both leaders paid tribute to the sacrifices made by Iraqi, United States, and other friendly countries' military personnel serving side-by-side as partners during the historic campaign against ISIS, as well as the civilians killed by ISIS, including the massacres at Camp Speicher, Mount Sinjar, and Hit.  Prime Minister Sudani emphasized the national effort that was required to defeat ISIS and discussed his affirmative agenda to continue rebuilding Iraq and restore its position as an engine of stability and growth for the broader Middle East.  President Biden noted that the enduring defeat of ISIS would help ensure Iraq's, the region's, and the world's security in the future, as well as its ability to fulfill the Iraqi people's aspirations to develop economically, attract foreign investment, and provide regional leadership.

Enduring Bilateral Security Cooperation

President Biden and Prime Minister Sudani also discussed the natural evolution of the global D-ISIS Coalition in light of the significant progress that has been made in ten years.  The two leaders expressed their commitment to the ongoing Higher Military Commission (HMC) process and its results, and the three working groups that will assess: the continued threat from ISIS, operational and environmental requirements, and bolstering Iraq's security force capabilities.  The two leaders affirmed they would review these factors to determine when and how the mission of the Global Coalition in Iraq would end, and transition in an orderly manner to enduring bilateral security partnerships, in accordance with Iraq's Constitution and the U.S.-Iraq Strategic Framework Agreement.

The leaders further affirmed their intent to convene later this year the U.S.-Iraq Joint Security Cooperation Dialogue (JSCD) for talks on the future of the bilateral security partnership.

Strategic and Enduring Partnership

President Biden and Prime Minister Sudani renewed their commitment to bilateral partnership for the benefit of their two nations and decided to expand cooperation in all areas discussed in the Higher Coordinating Committee (HCC) meetings co-chaired by the U.S. Secretary of State and Iraqi Minister of Planning.  The two leaders affirmed their intent to continue their consultations on a shared vision for comprehensive, productive partnership to advance common goals.

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Rabee Securities Iraq Stock Exchange (ISX) market report (trading week ending: 9th April 2024).

Note: ISX will be closed starting from Apr. 9, 2024 (Tuesday) to Apr. 11, 2024 (Thursday) due to the religious holiday of Eid Al-Fitr. The next trading session will be held on Apr. 14, 2024 (Sunday).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• ISX suspended the trading of the following bonds (Binaa Bond / 1st issue / IQD1 mn (CB10); Emaar Bond / 1st issue / IQD0.5 mn (CB25); Emaar Bond / 1st issue / IQD1 mn (CB30)) starting on April 4th, 2024, due to the maturity of their semi-annual interest on April 9th, 2024.
• Iraqi Securities Commission and the Iraq Stock Exchange - after studying, analyzing and measuring the market index of traded stock prices - are preparing to launch a new index that operates under the title ISX15.
• Ameen Al-Iraq Islamic Bank (BAME) announced to its shareholders an additional extension of 60 days to subscribe on 50 bn shares from the capital increase to IQD300.0 bn through a 20% rights issue, starting Apr. 15.

Stocks that resumed / will resume trading:

• Iraq Baghdad for General Transport (SBPT) resumed trading on Apr. 7 after holding its postponed Annual General Meeting (AGM) on Apr. 2 in which they discussed and approved 2022 annual financial statements, electing five original and five alternative board members, and decided to distribute IQD1.0 cash dividend per share, corresponding to a 2.3% dividend yield. The bank postponed increasing the paid-in capital from IQD1.3 bn to IQD2.0 bn through a 54% bonus issue for the next AGM.
• Original shares of National Bank of Iraq (BNOI) will resume trading on Apr. 14 after holding its AGM on Apr. 8 in which they discussed and approved 2023 annual financial statements, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33.3% bonus issue, decided to distribute IQD0.2 cash dividend per share, corresponding to a 5.6% dividend yield, and the opening of 7 branches during 2024.
• Ready Made Clothes (IRMC) will resume trading on Apr. 14 after holding its Annual General Meeting (AGM) on Mar. 28 in which they discussed and approved 2022 annual financial statements, electing four original and three alternative board members, and decided to distribute IQD0.0325 cash dividend per share, corresponding to a 0.8% dividend yield. The opening price will be IQD4.280 per share.
• Mamoura Real-estate Investment (SMRI) will resume trading on Apr. 14 after holding its AGM on Apr. 3 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.02 cash dividend per share, corresponding to a 0.3% dividend yield. The opening price will be IQD7.330 per share.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of Credit Bank of Iraq (BROI) starting Apr. 28 due to the AGM that will be held on May 2 to discuss and approve 2023 annual financial statements, increasing the paid-in capital through rights and bonus issue, dividend distribution, and electing nine original and nine alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 4th April 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 4.3 bn shares of Al Mustashar Islamic Bank (BMUI) on Apr. 1, valued at IQD4.3 bn and corresponding to 1.7% of BMUI's capital.
• Fitch Ratings has assigned Cihan Bank for Islamic Investment and Finance (BCIH) a Long-Term Issuer Default Rating (IDR) of 'CCC+'. Fitch has also assigned BCIH a Viability Ratings (VR) of 'ccc+'. (Fitch)
• Economy Bank (BEFI) invited its shareholders to subscribe to 39.1 bn shares starting Apr. 3 from the capital increase to IQD300.0 bn through a 15.6% rights issue and a 4.4% bonus issue. The subscription period is no less than 30 days and no more than 60 days.
• The ISC approved the request of Iraqi Agricultural Products Marketing Meat (AIPM) for an additional extension period of 1 year to submit its 2023 annual financial statements.

Stocks that resumed / will resume trading:

• Iraq Baghdad for General Transport (SBPT) will resume trading on Apr. 7 after holding its postponed Annual General Meeting (AGM) on Apr. 2 in which they discussed and approved 2022 annual financial statements, electing five original and five alternative board members, and decided to distribute IQD1.0 cash dividend per share, corresponding to a 2.3% dividend yield. The bank postponed increasing the paid-in capital from IQD1.3 bn to IQD2.0 bn through a 54% bonus issue for the next AGM. The opening price will be IQD42.000 per share.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of National Bank of Iraq (BNOI) starting Apr. 3 due to the AGM that will be held on Apr. 8 to discuss and approve 2023 annual financial statements, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33% bonus issue, dividend distribution, and the opening of 7 branches during 2024.
• ISX suspended trading of Mamoura Real-estate Investment (SMRI) starting Mar. 31 due to the AGM that will be held on Apr. 3 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX will suspend trading of National Company for Tourism Investment (HNTI) starting Apr. 16 due to the AGM that will be held on Apr. 21 to discuss and approve 2022 annual financial statements and dividend distribution.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 29th March 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• ISX announced that on Mar. 28, 2024, the deposit operations for the third issuance of "Emaar bonds" began in the deposit center. The bonds will be launched for trading starting Apr. 21, 2024 on the bond platform. The price change will be 5% according to the table received from the CBI. The bonds will trade from 10:00 am till 12:00 pm.
• The second issuance of "Emaar bonds" was launched for trading starting Mar. 27, 2024, on the bond platform. The price change will be 5% according to the table received from the CBI. The bonds will trade from 10:00 am till 12:00 pm.
• On Tuesday, Iraq's Securities Commission (ISC) announced the signing of a cooperation agreement with the British Chartered Institute for Securities and Investment (CISI), which includes the exchange of information related to financial training programs, confirming that the agreement represents a qualitative shift in the work of brokers in the stock market. (Shafaq News)
• On Wednesday, the National Bank of Iraq (BNOI) announced the success of its new banking system based on the global Temenos systems (Temenos - T24), in addition to the launch of its developed application on mobile phones (Mobile Banking), pointing out that the system will contribute to enhancing compliance with international standards and requirements of the Central Bank of Iraq, which enhances the transparency and security of banking operations. (Shafaq News)
• The ISC has approved the request of Cihan Bank for Islamic & Finance (BCIH) to have a three-month extension period to add the new shares resulting from the capital increase through an 8.3% rights issue and an 11.3% bonus issue to reach IQD305.0 bn starting from Mar. 18, 2024.
• ISX requested Iraqi Land Transport (SILT) to provide its AGM minutes for the meeting held on Mar. 6, 2024.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Ready Made Clothes (IRMC) starting Mar. 25 due to the AGM that will be held on Mar. 28 to discuss and approve 2022 annual financial statements, dividend distribution, and electing four original and four alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 21st March 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• A cross transaction occurred on 11.4 bn shares of Al-Mansour Bank (BMNS) on Mar. 20, valued at IQD15.4 bn and corresponding to 4.6% of BMNS's capital.
• The first issuance of "Emaar bonds" was launched for trading starting Mar. 19, 2024, on the bond platform. The price change will be 5% according to the table received from the CBI. The bonds will trade from 10:00 am till 1:00 pm. Accordingly, on Tuesday, the trade occurred on 5 of the 1,000,000 category bonds (8% coupon rate, maturity: 4 years) at an amount of IQD4.9 mn, and with a yield of 8.1%. Please go to Table (2.3) for the details.
• Gulf Insurance and Reinsurance (NGIR) fulfilled ISX's request to explain why the prices touched the higher limit on Mar. 11 and Mar. 12. The company disclosed that there were no fundamental events or new matters that affected the price of the shares.
• National Household Furniture Industry (IHFI) invited its shareholders to subscribe to 1.66 bn shares starting Mar. 18 from the capital increase to IQD3.32 bn through a 100% rights issue. The subscription period is no less than 30 days and no more than 60 days.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of National Bank of Iraq (BNOI) starting Apr. 3 due to the AGM that will be held on Apr. 8 to discuss and approve 2023 annual financial statements, increasing the paid-in capital from IQD300.0 bn to IQD400.0 bn through 33% bonus issue, dividend distribution, and the opening of 7 branches during 2024.
• ISX suspended trading of Iraq Baghdad for General Transport (SBPT) starting Mar. 20 due to the AGM that will be held on Mar. 26 to discuss and approve 2022 annual financial statements, dividend distribution, increasing the paid-in capital from IQD1.3 bn to IQD2.0 bn through 54% bonus issue, and electing new board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th March 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• The Kurdistan Regional Government (KRG) has announced that the Iraqi Islamic Bank (BIIB) has formally joined the 'My Account' financial inclusion initiative, alongside Bank of Beirut and the Arab Countries (BBAC), Cihan Bank for Islamic & Finance (BCIH), National Bank of Iraq (BNOI), and Region Trade Bank (BRTB). (Iraq Business News)
• ISX requested Gulf Insurance and Reinsurance (NGIR) to explain why the prices touched the higher limit on Mar. 11 and Mar. 12.

Stocks that resumed / will resume trading:

• Modern Chemical Industries (IMCI) resumed trading on Mar. 12 after holding its AGM on Feb. 14 in which they discussed and approved 2022 annual financial statements.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of Ready Made Clothes (IRMC) starting Mar. 25 due to the AGM that will be held on Mar. 28 to discuss and approve 2022 annual financial statements, dividend distribution, and electing four original and four alternative board members.
• ISX will suspend trading of Mamoura Real-estate Investment (SMRI) starting Mar. 31 due to the AGM that will be held on Apr. 3 to discuss and approve 2023 annual financial statements and dividend distribution.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th March 2024).

Please click here to view a table of listed companies and their associated ticker codes.

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• Two cross transactions occurred on 11.0 bn shares of National Islamic Bank (BNAI) on Mar. 4 and Mar. 6, valued at IQD5.5 bn and corresponding to 3.6% of BNAI's capital.
• A cross transaction occurred on 2.5 bn shares of Iraqi Islamic Bank (BIIB) on Mar. 4, valued at IQD2.5 bn and corresponding to 1.0% of BIIB's capital.
• On March 7th, the second issuance of the binaa bonds (CB20) traded for the first time, amounted to IQD24.1 bn.
• ISX announced that on Mar. 7, 2024, the deposit operations for the second issuance of "Emaar bonds" began in the deposit center. The bonds will be launched for trading starting Mar. 27, 2024 on the bond platform.
• ISX published an update for the regulations for listing, depositing and trading government bonds on March 7, 2024. Please click HERE for the document.
• Arabia Islamic Bank (BAAI) invited its shareholders to subscribe to 50 bn shares starting Mar. 3 from the capital increase to IQD300 bn through a 20% rights issue. The subscription period is no less than 30 days and no more than 60 days.
• Subscription to the capital increase of Al-Mansour Bank (BMNS) through a 16% rights issue and a 4% bonus issue, increasing from IQD250.0 bn to IQD300.0 bn, ended on Mar. 4.

Stocks that resumed / will resume trading:

• Al-Mansour Hotels (HMAN) resumed trading on Mar. 3 after holding its AGM on Feb. 26 in which they discussed and approved 2022 annual financial statements and decided to distribute IQD0.1528 cash dividend per share, corresponding to a 0.4% dividend yield.
• Kurdistan International Islamic Bank (BKUI) resumed trading on Mar. 7 after disclosing its FY22, 3M23, and 9M23 financial results.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading Iraqi Land Transport (SILT) starting Mar. 3 due to the AGM that will be held on Mar. 6 to discuss and approve electing five original and five alternative board members if a vote is taken in favor of dismissal of current board members.
• ISX will suspend trading of Iraq Baghdad for General Transport (SBPT) starting Mar. 24 due to the AGM that will be held on Mar. 26 to discuss and approve 2022 annual financial statements, dividend distribution, increasing the paid-in capital from IQD1.3 bn to IQD2.0 bn through 54% bonus issue, and electing new board members.

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