Zain Iraq, a mobile subsidiary of Kuwaiti operator Zain, has mandated Melak Investments to lead its initial public offering.
Saif Altimen, head of IR at the unit, told The National that Zain chose Iraq-based Melak because of its track record but also…
Zain Iraq, a mobile subsidiary of Kuwaiti operator Zain, has mandated Melak Investments to lead its initial public offering.
Saif Altimen, head of IR at the unit, told The National that Zain chose Iraq-based Melak because of its track record but also because the company needs on-the-ground advisory and support in the country.
Zain Iraq was not available for comments before the press deadline.
Under its 2007 2G licence, the telco is required to list a 25% stake. Its competitors Korek and Asiacell, which received licences that same year, have been 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 2013 with its owner, Qatar-based Ooredoo, raising US$1.24bn for a 25% stake. Asiacell had also been advised by Melak.
Zain Iraq’s IPO is not expected before the end of the year.
The parent is also in the process of listing a 15% stake in its subsidiary in Bahrain. Zain recently bought an additional interest in the operator, boosting its holding to 63%, to keep control post IPO.
