Zain Group’s Iraqi holding company Al-Khatem Telecommunications commenced trading on the Iraq Stock Exchange (ISX) and is now open to public investment, after it has completed its listing procedures within the two-month deadline, the Kuwaiti telecom group said in a press release.
With an average price of IQD 6.09, Al-Khatem’s stock price closed at IQD 5.99, representing a market capitalization of IQD 10.96 trillion ($9.4 billion), which was directly reflected on the ISX.
In accordance with its license terms, 25% of the equity of Al-Khatem was offered to investors on the Iraqi stock market by one of the founding shareholders of the company.
“This milestone listing mirrors Zain’s confidence and commitment to the future development of the telecommunications sector in Iraq,” said Bader Al-Kharafi, managing director of Al-Khatem and vice-chairman of Zain Group.
“We look forward to the participation of the investor community in one of the most profitable and resilient companies in Iraq and the region as the mobile operator enters a new phase in its growth strategy with the recent launching of 3G services across the country,” he added.
“We expect Al Khatem Telecom listing and trading to get a capital exceeding IQD 1.800 trillion and having more than 500 shareholders,” said Taha AbdulSalam, CEO of the Iraqi bourse.
