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.

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