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Zain to Seek Stock Market Listing for Iraqi Subsidiary

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Kuwait based Zain has said that the delayed stock market listing for its Iraqi subsidiary should take place by next April, subject to regulatory approval.

"Zain would like to clarify that it is expected to finish the listing procedure by the end of the first quarter of 2013," the company said in a statement to the bourse. "Keeping in mind that the listing process is subject to approvals from official and regulatory Iraqi authorities and that the company doesn't have the ability to control the timings of these approvals," the statement added.

Zain is required to list at least a quarter of its shares on the Iraqi stock exchange as a condition of its license. As with the other mobile networks in the country, it missed the August 2011 deadline, although they cited issues with the stock exchange for the delays.

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.

Zain's holding will reduce to 51% after the listing.

On the web: Reuters

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Tags: zain  Iraq