Zain Iraq applies for Baghdad share listing

Iraq's mobile network operators were required to float a quarter of their shares
Zain Iraq applies for Baghdad share listing

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Zain Iraq has applied for a listing on Baghdad's stock exchange, according to Reuters.

Iraq's mobile network operators were required to float a quarter of their shares and join the Iraq Stock Exchange (ISX) by August 2011 as part of their 15-year licences awarded in 2007. However, only Asiacell joined the ISX in February 2013.

Korek and Zain have faced daily fines, as they are not listed yet.

Zain Iraq has "filed its first set of application documents for its initial public offering to the Iraqi Securities Commission (ISC)," a Zain spokesman said via email to Reuters. "This is the first step in the process of Zain Iraq fulfilling its mobile licence obligations."
Zain Iraq's application is subject to approval from the bourse and telecommunications regulators, Zain added.

"They (Zain Iraq) have preliminary approval," Abdul Razzaq Al-Saadi, ISC's chairman, told Reuters.

"There are some technicalities that need to be ironed out, such as the mechanism of listing and subsequent trading and some further requirements from Zain that they have pledged to sort out."

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