Zain Iraq debuts on stock exchange
Shares in Zain Iraq soared as much as 50% on its debut at the Iraqi stock exchange.
The share price of Al-Khatem, Zain Group’s joint stock company (JSC), closed at $0.01 (5.99 Iraqi dinar) per share, reflecting a market capitalisation of $9.4 billion.
Zain has been operating in Iraq since 2005 and has invested over $5 billion establishing telecoms infrastructure in the country.
In accordance with its license terms, 25% of Al-Khatem’s equity was offered to investors on the Iraqi stock market by one of company’s founding shareholders.
“This milestone of listing on the Iraq Stock Exchange and offering of shares to Iraqi nationals and investors reflects Zain’s confidence and commitment to the future development of the telecommunications sector in Iraq,” said Bader Al Kharafi, managing director of Al-Khatem and vice chairman of Zain Group.
“We look forward to the participation of the investor community in one of the most profitable and resilient companies in Iraq and the region as the mobile operator enters a new phase in its growth strategy with the recent launching of 3G services across the country.”