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FINANCIAL NEWS
Zain Iraq struggles to meet August deadline for IPO sale
20 Jun 2011
MENAFN) Kuwait’s Mobile Telecommunications Co, known by Zain, will sell 20 percent of its Iraqi branch to comply with Iraq’s policy in an initial public offering on the Iraq Stock Exchange, Bloomberg reported.
Zain Iraq CEO Emad said that although the IPO will be beneficial for both the company and Iraq, Zain may have trouble meeting the August deadline. The deadline was determined by Zain Iraq’s operating license. The company is considering requesting an extension, the CEO said.
Zain’s Iraq unit beat out operations in Kuwait, Bahrain, Jordan, Lebanon, Saudi Arabia and Sudan to lead in sales with 12 million users and was only behind Kuwait in profits for the fourth quarter of last year.
The company will invest up to USD300 million this year in Iraq and has invested USD4.5 billion since 2003, Makiya said.
More News
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BBK awards over BD 1 Million to 273 winners in the February Al Hayrat Grand Prizes draw
01 Mar 2026
BBK activates partial remote working system for its workforce to ensure employee and customer safety and service continuity
24 Feb 2026
BBK discloses its financial results for the year ended 31st December 2025
05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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