Zain Iraq plans to list of the Iraqi stock market by early 2013, the company’s chief operating officer told Reuters.
Zain Iraq, which is owned by Kuwait’s Zain Group, must convert to a joint stock company in preparation for the float, Hisham Akbar, Zain’s deputy chief executive and chief operating officer, said. "We are hoping for the last quarter of this year (to IPO), but the joint (stock) company got delayed," Reuters quoted Akbar as saying.
In July, it emerged that Zain Iraq would be fined $12,864 a day from September 2011 for failing to list on the country's stock exchange.
Akbar told Reuters that he expected an appeal against the fine to be heard by the end of 2012.
"The total (fine) we envisioned as a worst case scenario if we list (in the) first-quarter (of 2013) is around $4 million," he said.
Zain Iraq’s competitor, Asiacell, was admitted to the Iraq Stock Exchange (ISX) last month, and its shares could start trading in October, according to a report from UAE daily, The National.