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Zain Iraq to list 25% of shares on Iraq Exchange

21 Feb 2013

(MENAFN) Zain Iraq CFO, Wael Ghanayem, announced that the telco operator will launch an initial public offering (IPO) during this year’s first half, reported Times of Oman.

Ghanayem, who is also the company’s COO, said that by June, the company will list 25 percent of its shares on the Iraq Stock Exchange.

He added that at the current time, the unit of Kuwait’s Mobile Telecommunications, is in the final stages to switch into a shareholding firm.

He noted that Zain Iraq’s profit in 2012 rose by 6 percent to USD369 million.

It is worth noting that Iraq’s Asiacell Communications listed its shares on Iraq Stock Exchange to abide by its license requirement, whereas Korek Telecom must also sell 25 percent of its shares on the bourse.

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