The largest mobile company in Kuwait, Mobile Telecommunications Co, popularly known as Zain, is now in the process of creating an Iraqi company so that Zain Iraq would be able to comply with the regulations on public share sales.
The new Iraqi company would be offering 55.9 million shares priced at 1 Iraqi dinar per share for thirty days in order to comply regulatory requirements. This was confirmed through a statement sent by Zain to the Kuwaiti Stock Exchange. Upon completion of the process, the new company would be able to obtain approval to make preparations for its initial public offer in the Iraqi bourse.
According to its Chief Financial Officer Wael Ghanayem in a statement made yesterday, Zain Iraq would be able to complete the 25% IPO by year's end. The company has hired Citigroup Inc, BNP Paribas SAK, BNP Paribas SA and the National Bank of Kuwait for the initial public offering
This IPO, once done, would follow the IPO of Asiacell Communications PJSC which was worth US$1.3 billion for its owner, Qatar Telecom QSC.
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