Iraq's regulator sets new roadmap for IPOs

Iraq's GSM operators to stage IPOs in 2012 and will not face fines from regulator.
Iraq's GSM operators will not be fined for missing last August's deadline to stage IPOs.
Iraq's GSM operators will not be fined for missing last August's deadline to stage IPOs.

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Iraq’s three GSM operators will not be ready to stage IPOs before the first quarter of 2012, the head of Iraq’s telecoms regulator, the CMC (the Communications and Media Commission), told reporters at a telecoms conference in Dubai.

The operators, Asiacell, Zain Iraq and Korek Telecom, had been due to stage IPOs on the Iraqi stock exchange in August 2011, but all three failed to do so.

The regulator originally threatened to fine the telcos for failing to list shares, but Ahmed Alomary, commissioner, CMC, confirmed that it would not fine the operators for missing the August deadline.

“Penalties are hard to impose because they will affect the shares at the end. We put a road map for them. If they meet that, there will be no penalties,” he said.

He added that the delays had been caused by doubts about whether Iraq’s stock exchange would be able to absorb three IPOs from large companies at the same time.

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