The Iraq unit of the Kuwaiti telecoms company Zain has moved a step closer to launching its mandatory initial public offering (IPO).
It has established a new holding company, Al-Khatem Telecommunications, in Iraq through which it will list 25 per cent of its shares on the Iraq Stock Exchange (ISX) towards the end of the year.
Only Iraqi-domiciled joint-stock companies can list on the ISX. Al-Khatem floated 55.9 million shares on June 4 for one Iraqi dinar per share. The subscription period will last 30 days.
Once this IPO is complete, the company can proceed with the 25 per cent share offering for Zain Iraq. "After completing this constituent public subscription process, and the fulfilment of other regulatory requirements, Al-Khatem expects to receive a final approval for incorporation from the Companies Registration Department.
This will allow Al-Khatem to commence the necessary steps towards a subsequent offer of 25 per cent of its share capital on the ISX, subject to approval by the telecom and capital market regulatory authorities in Iraq," the company said.
Administrative and bureaucratic processes had been holding the company back from launching its IPO, according to senior officials.
Zain's will be the second telecom listing on the ISX. The first, a 25 per cent share offering from the mobile operator Asiacell, majority owned by Qatar's Ooredoo back in Febrary raised US$1.24 billion.
"If you look at our growth in Iraq, we believe the IPO will be attractive and there will be good demand for the stock," said Wael Ghanayem, the chief financial and operating officer at Zain Iraq. "This is the second IPO, people are more educated about the processes."
Zain Iraq has hired Citigroup, the National Bank of Kuwait and BNP Paribas as advisers for the offering.
The company, with about 14 million subscribers, recorded a profit of $369 million last year, up 6 per cent from 2011.
Mobile penetration in Iraq is about 82 per cent. In 2009, the market value of the telecoms sector in the country grew by 19 per cent, but last year growth slowed down to 12 per cent. All three telecoms operators offer second-generation (2G) services. There are currently no 3G services in the country.
"In theory, the Iraqi telecoms market offers good growth prospects. The lack of fixed-line infrastructure creates an opportunity for mobile operators to provide an alternative," said Matthew Reed, the principal analyst at Informa Telecoms & Media. "The Zain Iraq IPO will be interesting as a test of whether investor sentiment about the Iraqi telecoms market - and perhaps about Iraq more generally remains as bullish as it was for the Asiacell IPO."
thamid@thenational.ae
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
Porsche Macan T: The Specs
Engine: 2.0-litre 4-cyl turbo
Power: 265hp from 5,000-6,500rpm
Torque: 400Nm from 1,800-4,500rpm
Transmission: 7-speed dual-clutch auto
Speed: 0-100kph in 6.2sec
Top speed: 232kph
Fuel consumption: 10.7L/100km
On sale: May or June
Price: From Dh259,900
'Ashkal'
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A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The biog
Name: Younis Al Balooshi
Nationality: Emirati
Education: Doctorate degree in forensic medicine at the University of Bonn
Hobbies: Drawing and reading books about graphic design
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
The specs
Engine 60kwh FWD
Battery Rimac 120kwh Lithium Nickel Manganese Cobalt Oxide (LiNiMnCoO2) chemistry
Power 204hp Torque 360Nm
Price, base / as tested Dh174,500
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
65
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SPECS
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
THURSDAY'S FIXTURES
4pm Maratha Arabians v Northern Warriors
6.15pm Deccan Gladiators v Pune Devils
8.30pm Delhi Bulls v Bangla Tigers
