Iraqi Networks Fined for Missing IPO Deadlines

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All three of Iraq's mobile networks are facing fines from the telecoms regulator after they missed deadlines to float shares in their companies onto the local stock exchange.

When their licenses were granted, a condition was that shares would be floated on the exchange by August 2011, and none of the networks met the deadline.

They have argued that the exchange is not ready for such a large scale listing yet, and that listings regulatory demands have been difficult to meet.

Two networks, Asiacell and Korek Telecom were issued with notices last week, and Zain has received its notice today.

However, the regulator has decided to impose the fine, equivalent to US$12,864 per day on the Zain at a higher rate than its rivals due to its larger customer base. The fine is being backdated to September 2011.

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Tags: zain  asiacell  korek telecom  Iraq 

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