Zain Group listed in Iraqi Stock Exchange

KUWAIT, June 24 (KUNA) -- Zain Group was listed in Iraqi Stock Exchange and the market capitalization of (Zain in Iraq) hit USD 9.4 billion in the first day of trading, the company has announced.
In a press statement Wednesday, Managing Director of Al-Khatem Company, that owns Zain, Bader Al-Kharafi said in accordance with its license terms, 25 percent of the equity of Al-Khatem was offered to the investor community on the Iraqi stock market by one of the founding shareholders of the company.
He added that the first day of trading saw the share price closing at Iraqi dinar (IQD) 5.99 (with an average price of IQD 6.09) per share reflecting a market capitalization for Al-Khatem of USD 9.4 billion. Zain has been operating in Iraq since 2003 and invested more than USD five billion in establishing essential mobile telecommunications infrastructure in Iraq and employing over 2500 Iraqi nationals.
He noted this milestone of listing on the Iraq Stock Exchange and offering of shares to Iraqi nationals and investors reflect Zain's confidence and commitment to the future development of the telecommunications sector in Iraq. "We thank all the regulators and the governing bodies, who have worked professionally and transparently throughout the entire process, for assisting us to arrive at this monumental position," he said." He added: "We have utmost faith in the Zain Iraq management team to overcome the unique market challenges and Zain Group will continue to support them in all facets of the operations. We are confident that Zain Iraq will further grow its market leadership position rewarding all the company's stakeholders." (end) skm.nfa.hm