Iraq’s CMC to impose fine on Zain for failing to list shares

05 Jul 2012

(MENAFN) Iraq’s Communications and Media Commission (CMC) is considering imposing USD12,864 fine on the local unit of Kuwait’s Zain for each day since September 2011 for failing to list on the country’s stock exchange, Reuters reported.

Iraq’s three mobile operators Zain, Asiacell and Korek are mandated to list on the local bourse as part of their USD1.25 billion operating licenses. However all three missed an initial deadline of last August.

CMC commissioner Ahmad Alomary said that Zain Iraq had been given a bigger fine because it had more subscribers than its two rivals.

Alomary added that a second fine of USD172,000 had also been imposed on Zain for using a new mobile phone number range without the CMC’s permission.

All three mobile phone operators have previously said they are working towards listing on the Iraq Stock Exchange.

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