Mobile operator Zain Iraq is working on a listing in time to meet the August deadline that is part of its licence agreement, CEO Emad Makiya has told Reuters.
Describing the process as “long”, Makiya said the company was “going to fulfil” the requirement…
Mobile operator Zain Iraq is working on a listing in time to meet the August deadline that is part of its licence agreement, CEO Emad Makiya has told Reuters.
Describing the process as “long”, Makiya said the company was “going to fulfil” the requirement but did not promise that it would be ready by the deadline.
Kuwaiti newspaper al-Qabas reportedly wrote that a listing would involve a 20% stake of Zain Iraq worth US$80m.
All national mobile operators are required to list on the local stock exchange by August, under the terms of the US$1.25bn licences they won in Iraq.
Zain Iraq competes with QTel’s AsiaCell and Korek Telecom, which is part-owned by France Telecom.
Ahmed Alomary, an official at the Communications and Media Commission (CMC) was quoted saying that he did not expect any of the three to meet the deadline, and that this would lead to penalties.
