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' USB ' is the largest initial public offering of stock in Iraq

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' USB ' is the largest initial public offering of stock in Iraq

The Executive Director of the Iraq market for securities: the company will be around 67 billion shares at a price of slightly more than 20 dinars per share.

Middle East online

Support for the activity of the Iraqi stock exchange

Baghdad seeks company asiacell, which owns Telecom Qatar 54 percent of its shares, to collect at least $ 1.35 billion to put up 25 percent of the shares in the Iraq market for securities with will be the biggest initial public stock offering in the country.

Woikol experts that this would also be the biggest insertions in the Middle East in recent years, notably in Iraq, since the US-led invasion toppled the late President Saddam Hussein in 2003.

So will be seen as a test of investor confidence in the economy recovering from war and political unrest and financial penalties suffered by Iraq for years.

According to Taha Abdul Salam, Executive Director of the Iraq market for securities that a stock market activity will strengthen asiacell.

"The important event that will take place Iraq stock market during the month of February, in the third session, is to launch trading on shares of asiacell telecommunication sector which will in Iraq market for securities. And will this process about 67 billion shares in the company for sale. Investors will be able to buy these shares at a price of at least 22 dinars per share. "

It is expected that this proposal is the first of three insertions to Iraqi companies. The local arch-rival Zain and asiacell Iraq unit of Zain of Kuwait Cork nilikom told of international telecommunication, raise capital through initial launch as a condition for access to mobile phone services licences from the Government worth 1.25 billion dollars.

The three companies did not abide by an earlier deadline in August 2011. And given that the stock market was not ready in time. The three companies paid fines for delay.

And may not be IPO lasiasil smooth which predict the long-term economic prospects.

And not more than current market value for the Iraqi stock exchange at 5.6 trillion dinars (4.8 billion dollars) and therefore may not accommodate market include asiacell easily in one batch.

Asiacell announced that net income amounted to 474 billion dinars in the first nine months of 2012, compared to 505 billion in 2011.

The company says it holds a 43 per cent of the revenue from the mobile market in Iraq, and the number of its 9.9 million subscribers.

And Morgan Stanley Bank and London-based at the end of 2012, plans to help manage the initial public offering. And rejected two.

But Abdul Salam said that dealing in shares of the company would be through brokerage firms.

"The investor can deal through brokers to prove through and through the Convention with the brokerage firm shares who wishes to buy them in the forthcoming meeting or on others. That we, the representatives of the Iraq market for securities as observers ".

Communications companies may become a significant challenge in Iraq over the long term. The International Monetary Fund expected growth of the economy more than 10 per cent in 2013, and nine percent annually over the next five years to support the growth of oil production. This would strengthen demand for advanced data services.

Brokerage companies hopes to contribute to a market's recovery despite asiacell difficult economic circumstances.

Officials hope that animates successful stock offering and attract foreign investment to the country and help in transforming the Exchange into a useful tool for Iraqi companies to raise funds for expansion.

There are about 85 companies listed in the stock exchange main index dropped Iraqi about eight percent in 2012.

Market value is concentrated heavily in the banking sector while shares in industry, insurance, hotels and agriculture.

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