Zain Iraq goes ahead with IPO plan

Zain Iraq is reported to have started the procedure to offer 25 per cent of its shares on the local stock exchange, following its failure to meet a clause of its operating licence to list on the exchange by August 31, 2011. According to Reuters, which quotes a statement from the company on local news sites, Zain Iraq will soon list 25 per cent of its shares on the Iraq Stock Exchange.

Zain’s announcement said: “The company would like to mention that it has finished a lap in the process of changing into a shareholder company. It will inform the citizens through the available media means on the dates of the public offering and its conditions.”

International banks, including BNP Paribas and Citibank, are also part of the evaluation process of the operator. In August 2007, the group was awarded one of three new 15 year national mobile licences for US$1.25 billion. At the end of June 2011, Zain Iraq counted 12 million customers, representing over 50 per cent market share.