Zain Iraq plans IPO in August

Telco aims to raise $80 million from a 20% listing, according to al-Qabas report.
Emad Makiya said Zain Iraq intends to meet the August deadline for its IPO.
Emad Makiya said Zain Iraq intends to meet the August deadline for its IPO.

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Zain Iraq plans to place 20% of the company on the Iraq Stock Exchange to raise some $80 million, according to Kuwaiti Arabic daily, al-Qabas.

Emad Makiya, CEO, Zain Iraq, confirmed that the company was working on the listing and hoped to and hoped to complete the IPO by the August deadline in its licence, Reuters reported.

"We are working on this process. The process for the listing is long. We hope that we can meet the deadline. This is a part of the licence requirement and we're going to fulfil it," Reuters quoted Makiya as saying.

Zain Iraq’s competitors, Asiacell and Korek Telecom, are also due to list on Iraq’s stock market in August, according to the terms of their licences.

Ahmed Alomary, the commissioner of Iraq's telecoms regulator, the Communications and Media Commission (CMC), said it was unlikely that the three telcos would complete their IPOs by the deadline, according to the report from Reuters. He added that there would be a separate process to impose penalties on the operators that failed to meet the deadline.
 

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