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Zain Still Months Away from Iraqi Stock Market Listing

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Zain's Iraqi subsidiary is still several months away from its long delayed stock market listing.

Zain Iraq was required to list shares on the Iraqi stock exchange by the end of 2011 as a condition of its operating license.

The company is still expected to list its shares on the Iraq Stock Exchange later this year but is at least several months off from being able to do so, the bourse's chief executive told Reuters on Tuesday.

"I don't think they will (complete) all the requirements before two or three months or maybe four, it may be more," ISX's chief executive Taha al-Rubaye added.

All the mobile networks are required to list their shares, and so far only Qatar backed Asiacell has done so, in a listing that raised USD1.3 billion for the company.

There are however concerns that the stock market could be overwhelmed by the mobile networks listing their shares as they would end up dominating the stock market, which is still very young and has few companies listed on it.

Zain owns 76% of the Iraqi network and is expected to be the sole shareholder selling shares. As the operator license requires at least 25% of the shares to be listed, the company is likely to see its stake reduced to 51 percent.

On the web: Reuters

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Tags: zain  Iraq