The latest ISX Iraq Stock Exchange news including Banks, Capital, ISX Investment and more.
The mobile phone operators are finally getting their IPOs [initial public offerings - A company's first offering of common stock to the public] organized. Recently Asiacell and Zain began conversions to joint stock ownership. Zain is also reported to have engaged Citibank and BNP Paribas to work on valuation. So far as I know, Korek […]
With most Middle East stock markets having been dragged down by the turmoil unleashed by the Arab spring and a sputtering global economy, some adventurous fund managers have started exploring opportunities in the tiny Iraqi market, according to a report from Bloomberg. The Iraqi Stock Exchange, or ISX, says its main market index has surged […]
Asiacell has launched what may be the world’s smallest ever public offering, raising about US$ 8,500 through the sale of 10,000,000 shares at IQD 1 each. The subscription period started on September 14 at the Baghdad and Sulaimaniya branches of Al-Shamal Finance and Investment Bank and will continue for up to sixty days. Obviously this […]
At the end of last month, the Iraq Securities Commission (ISC) announced new rules on stock suspensions. Effective September 1, trading is to recommence no more than four months after general assembly meetings when rights issues are announced and immediately otherwise. Pre-general assembly suspensions are limited to one week. This new schedule is a big […]
An Iraqi economist says the country will lose $22 million because of "extra" Eid al-Fitr holidays that the Iraqi government announced. Eid al-Fitr, which follows the Muslim holy month of Ramadan, is usually three days, however, AKnews reports that the Iraqi government last week extended the holidays to six day, to accommodate differences between the […]
Last weekend two stories, one in Al Hayat the other in the Abu Dhabi paper The National, confirmed that Standard Chartered is in talks to take over Warka Bank (BWAI). (There's more on the story here.) While there have been rumors to this effect for over a year, this is the first time anything has […]
Iraq's three main mobile phone companies - Zain Iraq, Asiacell and Korek - appear unlikely to meet a month-end deadline to list on the local stock exchange, raising the chances of them being penalised, according to Reuters. The companies are required by Iraqi law to launch initial public offerings on the Iraq Stock Exchange (ISX) by […]
Winston Churchill once likened observing Soviet politics to “watching two dogs fighting under a carpet.” All you can say for sure is that something’s going on. The latest news on Warka Bank has exactly this 'subcarpet' quality. The ISC has ordered Warka’s brokerage subsidiary to stop its operations in the market effective July 26 following […]
According to a report from Rabee Securities, the Iraq Securities Commission (ISC) is suspending trading in the companies listed below, starting Monday, August 8th, 2011. The reason is their violation of instruction # (14) related to financial disclosure; their failure to submit their annual reports for 2010 and/or quarterly financial reports for first quarter 2011 […]
On June 20, AK News published a cryptic article entitled “Iraq backs global bank’s initiative to encourage investment in stock market.” (See this link.) The Executive Director of the Iraqi Securities Commission (ISC) Abdul Razzaq al-Saadi was reported as saying that the global bank, “HHPT,” had “done the necessary groundwork and pledged to put up […]
At the end of last month, a spokesman for the Central Bank of Iraq (CBI) told reporters that a plan to redenominate the Iraqi dinar will be presented to the Council of Ministers in the near future. (See here and here.) The Council is then expected to submit the relevant legislation to Parliament for a […]
Iraqi operators Asiacell, Korek Telecom and Zain are facing a mandatory deadline for an initial public offering of stock, with reports stating that the companies have to sell-off a 25 percent holding on the local stock exchange within four years of acquiring their licences, according to Mobile Business Briefing. This means that the companies must […]
