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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 25th May 2023).

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

ISX Company Announcements

• National Bank of Iraq (BNOI) has completed the legal procedures for the capital increase through 11.1% bonus issue from IQD270 bn to IQD300 bn.
• The ISC approved the request of Ishtar Hotels (HISH) for an additional extension period of 1 year to submit its 2022 annual financial statements.
• The ISC has approved the request of Fallujah for Construction Materials (IFCM) to have a four-month extension period to add the new shares from the capital increase through a 50% rights issue to IQD4.68 bn starting from Apr. 30, 2023.
• Stocks that were suspended / will be suspended from trading:
  • ISX suspended trading of Trust International Islamic Bank (BTRU) on May 23 due to the AGM that will be held on May 28 to discuss and approve 2022 annual financial statements.
  • ISX suspended trading of Al-Ameen Investments (VAMF) on May 22 due to the AGM that will be held on May 25 to discuss and approve 2022 annual financial statements, adopt the cumulative voting method, and elect five original and five alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 18th May 2023).

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*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

ISX Company Announcements

• The Iraq Stock Exchange (ISX) achieved the first place in terms of the average daily traded number of shares for the year 2022 by the Federation of Arab Capital Markets (AFCM) during the conference held on 9-10 May in Muscat, the Sultanate of Oman. In the conference, Rabee Securities received the "Best Financial Broker in Iraq" award for the year 2022.
• The ISC has approved the request of Ameen Al-Iraq Bank for Islamic Investment (BAME) to have a four-month extension period to add the new shares from the capital increase through a 12.4% rights issue to IQD250 bn starting from May 7, 2023.
• The ISC has approved the request of World Islamic Bank (BWOR) to have a three-month extension period to add the new shares from the capital increase through a 4% rights issue to IQD260 bn starting from Apr. 3.
• The ISC approved the request for an additional extension period of 1 year for the submission of 2022 annual financial statements for the following companies: IKLV, AIRP, HBAG, AIPM, IIDP, HASH, IFCM, IIEW.
• Stocks that resumed / will resume trading:
  • Economy Bank (BEFI) resumed trading on May 16 after holding its AGM on May 7 in which they discussed and approved 2022 annual financial statements.
  • AL-Nukhba for General Construction (SNUC) resumed trading on May 16 after holding its AGM on May 9 in which they discussed and approved 2022 annual financial statements.
• Stocks that were suspended / will be suspended from trading:
  • ISX suspended trading of International Islamic Bank (BINT) on May 18 due to the AGM that will be held on May 23 to discuss and approve 2022 annual financial statements and dividend distribution.
  • ISX will suspend trading of Asiacell (TASC) starting May 29 due to the AGM that will be held on Jun. 1 to discuss and approve 2022 annual financial statements and dividend distribution.
  • ISX will suspend trading of Credit Bank of Iraq (BROI) starting May 30 due to the AGM that will be held on Jun. 3 to discuss and approve 2022 annual financial statements and dividend distribution.
  • ISX will suspend trading of National Chemical & Plastic Industries (INCP) starting May 31 due to the AGM that will be held on Jun. 5 to discuss and approve 2021 annual financial statements

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 11th May 2023).

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

ISX Company Announcements

• A cross transaction occurred on 24.8 bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) on May 7, valued at IQD8.4 bn and corresponding to 9.9% of BZII's capital.
• The ISC approved the request of Al-Mansour Hotels (HMAN) for an additional extension period of 1 year to submit its 2022 annual financial statements.
• Stocks that were suspended / will be suspended from trading:
  • ISX will suspend trading of Trust International Islamic Bank (BTRU) starting May 23 due to the AGM that will be held on May 28 to discuss and approve 2022 annual financial statements.
  • ISX will suspend trading of Al-Ameen Investments (VAMF) starting May 22 due to the AGM that will be held on May 25 to discuss and approve 2022 annual financial statements, adopt the cumulative voting method, and elect five original and five alternative board members.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 4th May 2023).

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

ISX Company Announcements

• A cross transaction occurred on 4.1 bn shares of Bank of Baghdad (BBOB) on May 3, valued at IQD9.6 bn and corresponding to 1.6% of BBOB's capital.
• According to the letter published by the ISC on Apr. 27, Dar Es-Salam Investment Bank (BDSI) was delisted from the ISX on May 3, 2023, due to its bankruptcy.
• Kurdistan International Islamic Bank (BKUI) was moved from the Undisclosed Capital Market to the regular market on May 2 because of disclosing 2021 annual financial statements.
• Subscription period on the capital increase of Ameen Al-Iraq Bank for Islamic Investment (BAME) through 12.4% rights issue to IQD250 bn ended on Apr. 25. BAME has requested an additional extension period of four months to resume its new shares for the purpose of completing the subscription procedures.
• Stocks that were suspended / will be suspended from trading:
  • ISX will suspend trading of AL-Nukhba for General Construction (SNUC) on May 4 due to the AGM that will be held on May 9 to discuss and approve 2022 annual financial statements.

• • ISX will suspend trading of Al-Ameen Insurance (NAME) starting May 22 due to the AGM that will be held on May 25 to discuss and approve 2022 annual financial statements, adopt the cumulative voting method, and elect five original and five alternative board members.
  • ISX suspended trading of Economy Bank (BEFI) on May 2 due to the AGM that will be held on May 7 to discuss and approve 2022 annual financial statements.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th April 2023).

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

ISX Company Announcements

• Kurdistan International Islamic Bank (BKUI) will be moved from the Undisclosed Capital Market to the regular market starting May 2 because of disclosing 2021 annual financial statements.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 20th April 2023).

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

Note: ISX will be closed starting from Apr. 20, 2023 (Thursday) to Apr. 24, 2023 (Monday) due to the religious holiday of Eid Al-Fitr. The next session will be held on Apr. 25, 2023 (Tuesday).

*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

ISX Company Announcements

• A cross transaction occurred on 24.7 bn shares of Zain Al-Iraq Islamic Bank (BZII) on Apr. 19, valued at IQD8.4 bn and corresponding to 9.9% of BZII's capital.
• A cross transaction occurred on 3.9 bn shares of Asia Al Iraq Islamic Bank for Investment (BAIB) on Apr. 17, valued at IQD4.1 bn and corresponding to 1.6% of BAIB's capital.
• National Chemical & Plastic Industries (INCP) was moved from the Undisclosed Capital Market to the regular market on Apr. 18 because of disclosing 2021 annual financial statements.
• Stocks that resumed / will resume trading:
  • Original shares of National Bank of Iraq (BNOI) resumed trading on Apr. 18 after holding its AGM on Apr. 16 in which they discussed and approved 2022 annual financial statements, increasing the capital through an 11.1% bonus issue to IQD300 bn, and adopting the cumulative voting method.
• Stocks that were suspended / will be suspended from trading:
  • ISX will suspend trading of International Islamic Bank (BINT) starting May 18 due to the AGM that will be held on May 23 to discuss and approve 2022 annual financial statements and dividend distribution.
  • ISX will suspend trading of Economy Bank (BEFI) on May 2 due to the AGM that will be held on May 7 to discuss and approve 2022 annual financial statements.
  • ISX will suspend trading of AL-Nukhba for General Construction (SNUC) on May 4 due to the AGM that will be held on May 9 to discuss and approve 2022 annual financial statements.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 13th April 2023).

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

ISX Company Announcements

• A cross transaction occurred on 22.0 bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) on Apr. 12, valued at IQD7.5 bn and corresponding to 8.8% of BZII's capital.
• A cross transaction occurred on 7.3 bn shares of Asia Al Iraq Islamic Bank (BAIB) on Apr. 12, valued at IQD7.7 bn and corresponding to 2.9% of BAIB's capital.
• According to the ISC decision on Mar. 30, the ISX transferred the following companies from the regular market to the non-regular market on April 9, 2023: Al-Ameen Estate Investment (SAEI), Baghdad for Packing Materials (IBPM), Trans Iraq Bank for Investment (BTRI).
• According to the ISC decision on Mar. 30, the ISX transferred the following companies from the non-regular market to the regular market on April 9, 2023: Dar Al-Salam for Insurance (NDSA), Union Bank of Iraq (BUOI), Economy Bank for Investment (BEFI).

Stocks that resumed / will resume trading:

• Al-Mansour Bank (BMNS) resumed trading on Apr. 12 after holding its AGM on Apr. 5 in which they discussed and approved 2022 annual financial statements and decided to distribute IQD0.0425 cash dividend per share, corresponding to a 7.0% dividend yield.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of National Bank of Iraq (BNOI) starting Apr. 11 due to the AGM that will be held on Apr. 16 to discuss and approve 2022 annual financial statements, dividend distribution, increasing the capital to IQD300 bn through 11.1% bonus issue, and adopting the cumulative voting method.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 30th March 2023).

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*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

ISX Company Announcements

• Saudi Arabia's Export-Import (EXIM) Bank signed a new credit line contract with the Iraqi Islamic Bank for Investment and Development (BIIB). The deal will be worth $20 mn and will be utilized to finance Saudi exports to Iraq. The agreement will open new investment opportunities that will boost economic operations between the two countries.
• National Company for Tourism Investment (HNTI) invited its shareholders to receive their cash dividends for the year 2021 at the company's headquarters in Baghdad.

Stocks that resumed / will resume trading:

• Al-Mansour Hotels (HMAN) resumed trading on Mar. 28 after holding its AGM on Mar. 19 in which they discussed and approved 2021 annual financial statements and elected five original and three alternative board members for the private sector.

Stocks that were suspended / will be suspended from trading:

• ISX will suspend trading of National Bank of Iraq (BNOI) on Apr. 11 due to the AGM that will be held on Apr. 16 to discuss and approve 2022 annual financial statements, dividend distribution, increasing the capital through 11.11% bonus issue to IQD300 bn, and adopting the cumulative voting method.

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 16th March 2023).

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

ISX Company Announcements

• Stocks that resumed / will resume trading:
  • Babylon Bank (BBAY) will resume trading on Mar. 19 after not being able to hold its first and postponed AGM (Feb. 28 and Mar. 7) due to a lack of quorum.
• Stocks that were suspended / will be suspended from trading:
  • ISX suspended trading of Al-Mansour Hotels (HMAN) on Mar. 14 due to the AGM that will be held on Mar. 19 to discuss and approve 2021 annual financial statements and elect five original and five alternative board members for the private sector.

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By Ahmed Mousa Jiyad.

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

The recent appointment of Ammar Al-Anbagi as the new, a twelfth in a row, director general of Iraq's State Oil Marketing Organization (SOMO), might be an opportunity to review the path of leadership of this very important entity in the petroleum sector and, indeed, for the entire economy of Iraq.

I have known most of SOMOs DGs since early seventies of the last century during either our postgraduate studies in the UK with scholarships from the Ministry of Oil financed by agreements with IOCs prior to mid-seventies oil nationalisation, or during my work with Ministry or INOC or the Council of Ministers before leaving the country in July 1988, or during the exile since then.

Ammar is the twelfth DG since my colleague Ramzi Salman assumed the directorship in 1972 and hold it for twenty years.

During these years the service duration of DGs varies between as short as four months and as long as twenty years. Prior to 2003 invasion, SOMOs leadership was characterised with relative stability, while the immediate aftermath of invasion witnessed frequent changes and instability, before returned to another phase of relative stability since mid-2006.

The following chart, compiled from and based on my database, exhibits SOMOs leadership by name and duration of their term, listed from recent appointment down to the first, during the last fifty years of ups and downs with most daring challenges that faced the country.

A few quick remarks are worthy of making at this occasion.

• All DGs, except Falah Al-Amiry, have had many years of experience within the Iraqi petroleum sector before assuming their leadership of SOMO.
• Prior to 2003 invasion, SOMO was the most secretive entity within the petroleum sector and was directly connected to highest political and authority structures through, first Follow-up and Agreement Execution Committee / Revolution Command Council, then through the Republic Presidency Office, though it was within MoO structure.
• Prior to 2003 invasion, there were only five DGs with Ramzi Salman serving terms from 1972 to March 1991 as the longest DG, who had consolidated SOMO's structure and status. The terms of other four DGs ranging from only 4 months (Ali Rajab) to six years and a half (Sadam Zuban).
• SOMO' leadership witnessed frequent changes immediately after 2003 invasion with four DGs within less than three years in total, reflecting the chaos that dominates due to invasion and causing organisation instability.
• In March 2006, Dr. Falah Al-Ameri was appointed and his term, the second longest ever, ended in September 2017. During his term, the petroleum sector and, consequently, Iraq, witnessed many serious challenges and crucial developments: two oil price collapses, in 2008 and 2014; Daesh and its devastating consequences from mid-June 2014 onwards; the unwise decision to nominate SOMO as the "State Partner" in Al-Ahdab and Rumaila oilfields upstream service contracts; the commencement of limited spot offering through Dubai Auction in April 2017; OPEC+ implication for Iraq; unrealistic proposal for transforming SOMO from oil "marketing" to oil "trading" company; opportune expanding towards East Asian markets; forming temporary, but problematic, partnerships with a Russian company, " Litaso" and a Chines company, "ZhenHua", and immaturely considering oil price hedging, among others.
• Alaa Al-Yassiri term lasted six years and a half, characterised with, mostly, business as usual, except ignoring the idea of converting SOMO from "marketing" to "trading" company and oil price hedging.
• Now, SOMO provides more data than before, particularly in contrast to the firm secrecy of pre-2003, but still more transparency and openness are needed on time and regularly. These includes monthly oil lifting, in volume and price, by IOBs, monthly market destinations, monthly or quarterly oil lifting pursuant to upstream development service contracts, and ministerial meetings regarding export oil prices, among others. Also, SOMO needs to be proactive and should state its position on various projects that have direct implications for the country' oil export outlets, such as pipelines, since it is the only entity that have direct and first-hand knowledge and professional expertise with regards to comparative transport cost to various market destination, price differentials and competitive market shares; all such matters impact the economic feasibility of any project to expand oil exports.
• Due to domestic politics, personal vendetta or legal integrity premises, many accusations of corruption and financial irregularity were raised regarding SOMO, as entity, and some directed against both Al-Ameri and Al-Yassiri, with some even requested their removal from SOMO.

A few cases are referred to here: SOMO itself confirmed, in February 2013, that one of its senior staff was leaking, for a long period, information on prices to foreign companies, and request the Ministry to take, a rather mild action, against him! A more serious case worth mentioning related to legal action taken by the Parliamentarian Uday Awad, resulted in Basra Appeal Court issuing an arrest order against Al-Yassiri, in October 2019, but, apparently, the arrest was not made.

• Ironically, the former Minister of Oil Jabbar Luaiabi considered in an official meeting of the Ministry Advisory Commission- Hayaat Al-Ray, in 12 June 2017, SOMO among seven state-owned companies associated with the ministry as "loss making companies", and gave them six month to improve their fiscal balances; by September that year Al-Ameri was removed. A company that generates almost all of Iraq's foreign exchange was accused of making losses; is there any other manifestation of ignorance and absurdity better than this??!!!
• On the legal and ministry structure levels, SOMO is the only legal sovereign entity in charge of oil exports in the country; this monopoly goes back to MoO Law 101 of 1976 and Decision 272 of 1987. SOMO was, and still is, an issue of whether to include or exclude it from INOC Law, as the said law has been in limbo since the Federal High Court revoked many of its main articles since January 2019.

I had previously addressed SOMO' issues in a few articles written in Arabic, English and were circulated widely and accessible, as listed below. Also, I keep watching its affairs closely and have direct line of communication with SOMO and am very keen to maintain and enhance the contact.

Norway

12 March 2023

SOMO Reveals More Important Data on its Marketing Activities, posted on IBN, 22 July 2019

https://www.iraq-businessnews.com/2019/07/22/somo-reveals-more-important-data/

https://www.akhbaar.org/home/2019/7/260413.html  posted on 23 July 2019

SOMO Discloses Data on its Spot Sales, posted on IBN10 July 2019

https://www.iraq-businessnews.com/2019/07/10/somo-discloses-data-on-its-spot-sales/

https://www.akhbaar.org/home/2019/7/259802.html  posted on 6 July 2019

SOMO Does Not Work This Way. Posted on 16 August 2018  https://www.iraq-businessnews.com/2018/08/13/somo-does-not-work-this-way/

http://www.akhbaar.org/home/2018/11/251035.html posted on 11 Nov 2018

Reforming and Transforming SOMO- A Follow Up,  posted on IBN on 13 Dec 2017 https://www.iraq-businessnews.com/2017/12/13/reforming-and-transforming-somo/ and on Al-Akhbaar 13 Dec 2017 http://www.akhbaar.org/home/2017/12/238018.html

Debating SOMO' Transformation.  The English text posted on IBN and AlKhbaar on 5 Sept 2017 https://www.iraq-businessnews.com/2017/09/05/expert-blog-debating-somo-transformation/  ; http://www.akhbaar.org/home/2017/9/233074.html and the Arabic text on http://www.akhbaar.org/home/2017/9/233297.html  

Click here to download the full analysis in pdf format.

Mr Jiyad is an independent development consultant, scholar and Associate with the former Centre for Global Energy Studies (CGES), London. He was formerly a senior economist with the Iraq National Oil Company and Iraq's Ministry of Oil, Chief Expert for the Council of Ministers, Director at the Ministry of Trade, and International Specialist with UN organizations in Uganda, Sudan and Jordan. He is now based in Norway (Email: mou-jiya(at)online.no, Skype ID: Ahmed Mousa Jiyad). Read more of Mr Jiyad's biography here.