Total cumulative […]. By John Lee. Source: PUKmedia. A weekend conference in Basrah - sponsored by the Ministry of Oil and supported by Shell - has been investigating how to revitalise the Iraqi private sector by ensuring contracts with oil majors went to local firms. Oil […]. ShaMaran Petroleum has announced its financial and operating results for the year ended December 31,
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The floatation on the Iraq Stock Exchange was seen as a test of investor confidence in the country. It could reassure international investors, many of whom remain wary of the risky Iraqi market, influenced by continued sectarian violence and political deadlock. In the latest violence Sunday, a suicide car bomber joined by other suicide attackers on foot assaulted a provincial police headquarters in the disputed northern Iraqi city of Kirkuk, killing at least 15 people and wounding 90 others, officials said.
Asiacell had offered a quarter of its shares, or The initial share price was set at 22 Iraqi dinars, or just under 2 cents. Foreign investors bought about two-thirds of the stock, said Shwan Taha, whose brokerage firm, Rabee Securities, organized the sale. Regular trading of Asiacell stock is set to begin Monday.
The government-controlled oil sector dominates the Iraqi economy, dwarfing a small private sector and capital market. Al-Rubaye said he hopes the Asiacell offer is a sign of change. Geoffrey Batt, a New York-based fund manager who has been investing on the Baghdad exchange since , said that "Asiacell is demonstrable evidence that Iraq does in fact have a viable capital market.
All three missed a deadline in August to offer shares to the public. Sign in. Sign in to view your mail. Finance Home. Associated Press February 3, View photos.
The floatation on the low-volume Iraq Stock Exchange was seen as a test of investor confidence. Recently Viewed Your list is empty. What to Read Next.
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Iraq public holiday stalls Asiacell IPO
According to a statement released by the Iraqi government. The licenses awarded to them carry an obligation for the holders to sell 25 percent of their shares and list on the Iraqi stock exchange by the end of this month, which if not heeded will lead to them being fined. Last month, it was reported that Iraqi telcos were likely to miss the August deadline for filing IPOs, due to the three top telecom firms holding out until market conditions improve. Iraq had Market experts predict mobile penetration to reach
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Asiacell considers roadshow with IPO pick-up slow
The first Iraq Stock Exchange listing since is expected to transform the frontier exchange. The third public offering of this Mexican real estate investment trust has been widely reported as a transactional breakthrough with the potential to help the REIT asset class attract new investors from around the world. Commerzbank's innovative new funding instrument marks the first time a covered bond-securitisation hybrid has been structured in the German market. IFLR spoke to the key firms involved to find out exactly how it was done. Fage Dairy's bond offering has inspired a financing template that aims to protect investors from eurozone investment risk.
Asiacell Communications PJSC (TASC)
The Iraqi mobile operator, which is 54 per cent owned by Qatar Telecom Qtel is floating It has been one of the longest-anticipated IPOs in the region, attracting the attention of investors keen to tap into the success story of Iraq's mobile telecoms sector. But after HSBC and Morgan Stanley pulled out as book-runners late last year, Asiacell will now have to rely on local investors to buy up the shares. For local Iraqis this is something they hold in their hand on a daily basis and understand that this is a company that makes money," said Shwan Taha, the chairman of Rabee Securities, which is acting as the sole distributor for the offering. As it is a domestic Iraqi offering, there is no prospectus, but the company has produced an offering booklet in Arabic, which contains information on the company that has been advertised and distributed in the local press. International institutions and investors are able to participate only if they have a broker account in Iraq. Foreign investors get very close minded in this issue, because they see things in black or white.