Custom Search

By John Lee.

The Central Bank of Iraq (CBI) has reported that 22 banks and 11 remittance companies took part in its currency auction on Tuesday.

A total of $125,278,000 sold at a price of 1184 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 2nd Mar 2017).

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

The RSISX index ended the week at IQ1082 (-0.9%) / $1110 (-0.2%) (weekly change) (+12.7% and +17.2% YTD change, respectively). The number of week traded shares was 26.9bn and the weekly trading volume was IQD15.2bn ($12.0mn).

ISX Company Announcements

• The CBI attributed the decrease in the exchange rate for U.S. dollar to IQD to applying the new system for the currency auctions that brings simplifications and transparency in the auctions and providing competition among banks by setting ratings for each of them. (Alsumaria, RS)
• Economy Bank for Investment (BEFI) will hold a GA on Mar. 8, 2017 to discuss increasing the capital and electing new BoD. ISX will suspend trading of BEFI starting on Mar. 5, 2017.
• Al-Ameen Estate Investment (SAEI) will hold AGM* on Mar. 6, 2017 to discuss and approve 2015 annual financial results. ISX suspended trading of SAEI starting on Mar. 1, 2017.
• North Bank (BNOR) replied ISX request on Mar. 1, 2017 to explain why the prices touched the higher limit. The bank said that because the CBI approved to resume the bank’s functions of issuing LGs, guarantees and participating in the currency auction.
• A cross transaction occurred on 21.1bn shares of Mosul Bank for Development and Investment (BMFI) on Feb. 27, 2017, which represents 8.4% of BMFI capital.
• Iraqi for Tufted Carpets (IITC) requested its shareholders to provide their identification papers and documents with the correct addresses otherwise the company may delay its dividend distribution.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 19th Jan 2017).

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

The RSISX index ended the week at IQ1074 (+0.2%) / $1068 (+0.6%) (weekly change) (+11.9% and +12.8% YTD change, respectively). The number of week traded shares was 49.5bn and the weekly trading volume was IQD33.3bn ($25.4mn).

ISX Company Announcements

• The Iraqi Company Registrar approved the merger decision of Baghdad Soft Drink Company (IBSD) and Yanabee Al-Zawraa (Aquafina) which was taken in the GA meeting on December 26, 2016. In the article of association, which was approved by the registrar, the new capital of IBSD will be IQD177.3bn. The ownership of Mr. Tariq Ibrahim Al Hassan, who is the deputy chairman of IBSD and the sole owner of Yanabee Al-Zawraa (Aquafina), will reach 79.4bn shares at IBSD, corresponding to 44.8% of the new capital (35.1bn original shares + 44.3bn new shares). ISX requested ISC advice for the original shares of IBSD to resume trading (for IQD133bn capital) and depositing the new shares (IQD44.3bn shares) after the approval of the Company Registrar. ISC’s reply hasn’t been issued yet.
• Asiacell (TASC) held its AGM* on Jan. 19, 2017. In the meeting, the company approved 2015 annual financial results and decided to distribute 25% cash dividend (IQD0.25 dividend per share, 3.7% dividend yield).
• Original shares of Al-Ameen Financial Investment (VAMF) will resume trading on Jan. 22, 2017 after discussing and approving 2015 annual financial results and deciding to increase the capital from IQD1.0bn to IQD1.5bn through 50% rights issue. The opening price will be IQD1.43 with +/-50% change for the first trading session.
• Babylon Bank (BBAY) will hold AGM* on Feb. 4, 2017 to discuss and approve 2014 and 2015 annual financial results. ISX will suspend trading of BBAY starting on Jan. 31, 2017. According to CBI announcement on Jan. 16, 2017, BBAY was removed from the deficient banks list. A number of ministries and government departments were notified with this update about the bank status, as the bank has improved its financial efficiency in accord with the requirements of the CBI.
• Three cross transactions occurred on 42.3bn shares of Mosul Bank for Development and Investment (BMFI) on Jan. 17 and Jan. 18, 2017, which represent 17.0% of BMFI capital.
• A cross transaction occurred on 9.5bn shares of Zain Al-Iraq Islamic Bank for Development (BZII) on Jan. 17, 2017, which represents 3.8% of BZII capital.
• A cross transaction occurred on 950mn shares of Kurdistan International Bank (BKUI) on Jan. 15, 2017, which represents 0.2% of BKUI capital.
• Kurdistan International Bank (BKUI) disclosed an increase in ownership percentage of Khan Adil Disko to 32.8bn shares, which represents 8.2% of BKUI capital.
• ISX notified Al-Karkh Court on Jan. 18, 2017 that it will auction on Feb. 5, 2017 the 22.275mn shares of Bank of Baghdad (BBOB) owned by Niran Abdul-Salam Muhammed for the payment of debt to Sumaya Mahdi Abdullah.

By John Lee.

The Central Bank of Iraq (CBI) has reported that 33 banks and 17 remittance companies took part in its currency auction on Monday.

A total of $160,461,658 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 12th Jan 2017).

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

The RSISX index ended the week at IQ1072 (+7.1%) / $1062 (+7.1%) (weekly change) (+11.7% and +12.2% YTD change, respectively). The number of week traded shares was 21.5bn and the weekly trading volume was IQD13.1bn ($10.0mn).

ISX Company Announcements

• According to the letter published by the CBI (dated back on Dec. 27, 2016), the electronic system for dollar distribution and the principles and standards for foreign currency purchase of the banks and money transfer companies were applied and used starting Jan. 2, 2017. The CBI’s aim is to ensure effective monitoring and commitment to money launder laws and monitor terrorism financing and requirements of auditing the purchase and sale of dollars. According to the letter sent by the CBI to Iraqi banks (dated back on Dec. 29, 2016), a study was made to evaluate banks based on the standards for the foreign currency purchases and give a rating to them based on seven criteria that have different weights and total 100 points. It was stated that banks that have less than 17% of the points set for the criteria have to fix the problems related with that criteria within three months or will be suspended from participating in the currency auctions.
• Iraqi Land Transport (SILT) will resume trading on Jan. 15, 2017 after fulfilling ISC disclosure requirements and publishing 3Q16 financial results.
• International Islamic Bank (BINT) will resume trading on Jan. 15, 2017 after fulfilling ISC disclosure requirements and publishing 3Q16 financial results.
• Al-Ameen Financial Investment (VAMF) will hold AGM* on Jan. 17, 2017 to discuss and approve 2015 annual financial results and increasing its capital through 50% rights issue to IQD1.5bn. ISX suspended trading of VAMF starting on Jan. 12, 2017.
• New shares of Zain Al-Iraq Islamic Bank for Investment (BZII) from the capital increase to IQD250bn through 150% rights issue resumed trading on Jan. 12, 2017.
• Al-Arabiya Islamic Bank (BAAI) resumed trading on Jan. 12, 2017 after fulfilling ISC disclosure requirements. The company stated that it was converted into a bank from a money transfer company, so there was no activity in 3Q16.
• A cross transaction occurred on 8.5bn shares of Mosul Bank for Development and Investment (BMFI) on Jan. 11, 2017, which represents 3.4% of BMFI capital.
• Ready Made Clothes (IRMC) resumed trading on Jan. 10, 2017 after discussing and approving 2015 annual financial results and covering 50% of the deficit of 2015.
• Asiacell (TASC) will hold AGM* on Jan. 19, 2017 to discuss and approve 2015 annual financial results. ISX suspended trading of TASC starting on Jan. 9, 2017.
• The custodian committee assigned by the CBI over Dijlah & Furat Bank for Development (BDFD) replied ISX on Jan. 8, 2017 that the committee is currently managing the bank according to CBI instructions.

By John Lee.

The Central Bank of Iraq (CBI) has reported that 31 banks and 16 remittance companies took part in its currency auction on Monday.

A total of $159,104,757 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

By John Lee.

The Central Bank of Iraq (CBI) has reported that 34 banks and 17 remittance companies took part in its currency auction on Wednesday.

A total of $153,971,978 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

By John Lee.

The Central Bank of Iraq (CBI) has reported that 35 banks and 16 remittance companies took part in its currency auction on Tuesday.

A total of $155,280,005 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

By John Lee.

The Central Bank of Iraq (CBI) has reported that 33 banks and 17 remittance companies took part in its currency auction on Thursday.

A total of $158,915,838 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)

By John Lee.

The Central Bank of Iraq (CBI) has reported that 30 banks and 17 remittance companies took part in its currency auction on Wednesday.

A total of $158,266,383 sold at a price of 1182 Iraqi Dinars (IQD) per dollar.

(Source: Central Bank of Iraq)