Zain Iraq will be fined $12,864 a day from September 2011 for failing to list on the country's stock exchange, according to a report from Reuters.
Earlier in the month, it was reported that Zain Iraq’s competitors, Asiacell and Korek, had been hit with fines of $8,500 and $2,500 per day respectively for failing to list their shares on the stock market.
All three operators mandated to list on the local bourse as part of their $1.25 billion operating licences, but all three missed an initial deadline of last August, the Reuters report added.
“The hearing committee was of the view that all operators had enough time, more than four years, to prepare for the IPO, so there's no excuse,” Ahmed Alomary, CMC commissioner, told Reuters.
Zain Iraq landed a bigger fine than its rivals because it had more subscribers, the CMC added.
A second fine of 200 million Iraqi dinars ($172,000) was also issued to Zain for using a new mobile phone number range without the CMC's permission, Reuters reported.