Zain Iraq’s CEO Emad Makiya has resigned from the position with immediate effect.
The mobile operator, part of the Kuwait-based Zain Group, said board chairman Mohammed Charchafchi will step in as acting CEO until a new appointment is made.
Makiya,…
Zain Iraq’s CEO Emad Makiya has resigned from the position with immediate effect.
The mobile operator, part of the Kuwait-based Zain Group, said board chairman Mohammed Charchafchi will step in as acting CEO until a new appointment is made.
Makiya, who was appointed CEO in June 2010, will remain with the company – Iraq’s largest mobile operator – as an adviser to Charchafchi.
Makiya’s resignation comes as Zain Iraq faces increasing pressure to list on the local bourse. All three Iraqi mobile operators, which also include Asiacell and Korek, missed the August 2011 deadline to list on the Iraq Stock Exchange – a condition of their licencing requirements. However, Asiacell finally listed last month.
Zain Iraq has appointed BNP Paribas, Citigroup and National Bank of Kuwait to manage its listing.
Commenting on today’s announcement, Charchafchi said: “[Makiya] worked effectively to build enduring relationships with the government, regulators and the wider market.
“He led the very significant steps towards the forthcoming IPO of Zain Iraq which is a real priority for management as well as Zain Group.”
