Kuwait's Zain said Zain Iraq and severity of the largest mobile operator in the country in terms of number of subscribers applied for the inclusion of Baghdad Stock Exchange to take the first step in a public offering plan that is long overdue.
The "three mobile phone companies in Iraq got licenses in 2007, a 15-year-old with the requirement to sell shares to the public and to join the Iraqi Stock Exchange by August 2007."
A spokesman for Zain Kuwait said in a press statement that "Zain Iraq provided the first set of documents requested initial public offering to Iraqi Securities Commission."
Zain said that "demand requires approval bodies exchange and communication."
Said Abdul-Razzaq al-Saadi Chairman of the Board JSC "The Zain Iraq got preliminary approval but there are some technical aspects that should be completed, such as the insertion mechanism and some of the requirements which they pledged to address."
He added that "immediately after getting the final approval will be in front of Zain Iraq two months to demand the inclusion of otherwise become null and void."
It proposes "Zain Iraq a different way for the process of building the subscription orders used by Asiacell record."
An informed source told Reuters that "instead of selling shares before the listing will join Zain Iraq to allow the stock market and to provide potential buyers of the purchase orders on the first day with the stock exchange."
"Trades that will take place in the day but Zain Iraq will use the weighted average of those simulations to calculate the price of the stock when trading opened the next day begins" .anthy 29 / d 25
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