Zain Iraq looking to IPO

Zain Iraq is reportedly preparing for a stock market listing that will raise an estimated US$80 million for a 20 per cent stake in the cellco, the Kuwait Arabic daily Al-Qabas reported.

The cellco is required to list its shares on the Iraqi stock exchange as a condition of its operating licence within four years of receiving its concession. Under that condition, the listing will have to take place by August 2011.

Zain Iraq recently raised US$400 million in a seven-year debt facility to help fund its network expansion in the country.

The cellco counts 12 million customers, representing over 50 per cent of the country’s mobile phone market. It competes against two other national operators.