Al-Khatem, parent company of Zain Iraq, has now commenced trading its shares on the exchange and is open to public investment. Zain Group announced that in compliance with the provisions of its telecom licence in Iraq, Atheer Telecom Iraq (Zain Iraq) was required to offer at least 25% of its shares on the Iraq Stock Exchange (ISX).
In accordance with its license terms, 25% of the equity of Al-Khatem was offered to the investor community on the Iraqi stock market by one of the founding shareholders of the company. The first day of trading saw the share price closing at IQD5.99 per share (with an average price of IQD 6.09) reflecting a market capitalisation for Al-Khatem of IQD10.96 trillion ($9.4 billion).
Bader Al Kharafi, managing director of Al-Khatem and vice-chairman of Zain Group said: “This milestone of listing on the Iraq Stock Exchange and offering of shares to Iraqi nationals and investors reflects Zain’s confidence and commitment to the future development of the telecommunications sector in Iraq. We thank all the regulators and the governing bodies, who have worked professionally and transparently throughout the entire process, for assisting us to arrive at this monumental position.”
Taha AbdulSalam, CEO of the ISX commented: “The success of any economy depends on its ability to attract investment capital whether foreign or local within the framework of joint-stock companies. That increases capital formation for the economy and contributes towards the private sector and the gross domestic product. That is the mechanism seen in establishing and operating of companies traded on the stock market, and so we expect the Al Khatem Telecom listing and trading of with a capital exceeding one trillion, eight hundred billion dinars and having more than 500 shareholders.”