The Iraqi holding of mobile operator Zain Iraq has held its first-ever AGM and appointed seven board members and a managing director, Bader Al-Kharafi, as the company looks to list the carrier in 2014.
Al Kathem Company for Telecommunications was…
The Iraqi holding of mobile operator Zain Iraq has held its first-ever AGM and appointed seven board members and a managing director, Bader Al-Kharafi, as the company looks to list the carrier in 2014.
Al Kathem Company for Telecommunications was created in early June to manage Zain Iraq, controlled by Kuwait-based Zain, because local regulation only allows Iraqi-domiciled joint-stock companies to list on the country’s stock exchange.
Under its 2007 licence, Zain Iraq is required to list a 25% stake. Its competitors Korek and Asiacell, which received licences that same year, are subject to similar conditions aimed at boosting the value of the Baghdad bourse.
All three companies failed to meet an August 2011 deadline but Asiacell was finally floated in February this year with its owner, Qatar-based Ooredoo, raising US$1.24bn for a 25% stake.
Commenting on today’s appointments at Al-Kathem, Zain Iraq CFO Wael Ghanayem said that these “are preparatory steps in order to list ‘Al-Khatem’ on the Iraqi Stock Exchange (ISX), in accordance with the company’s licence conditions”.
MD Al-Karafi, who is also a Zain Group board member, said the listing would take place in the first half of 2014.
