3 replies to this topic

[rightsonword]

Iraq watchdog to fine Zain unit for failing to list

(Reuters) - Iraq's communications regulator will fine the local unit of Kuwait telecoms firm Zain (ZAIN.KW) $12,864 a day since September 2011 for failing to list on the country's stock exchange, a senior official at the body said.

Zain and rivals Asiacell and Korek are mandated to list on the local bourse as part of their $1.25 billion operating licenses but all three missed an initial deadline of last August.

The Communications and Media Commission (CMC) said last Tuesday it would fine Asiacell and Korek for failing to hold an initial public offering. On Thursday it said Zain Iraq would face a penalty too.

"The hearing committee was of the view that all operators had enough time, more than four years, to prepare for the IPO, so there's no excuse," Ahmed Alomary, CMC commissioner, told Reuters.

(Reporting by Serena Chaudhry via Baghdad Newsroom; editing by James Jukwey)


I wonder if with these massive daily fines dating back to 2011, if AsiaCell, Koreck, and Zain will be forced to list soon.

Also has anyone gotten there discounted BIME shares? They started trading again recently and I havent had a notification from Al-Jazera.

[dinarful]

I sure hope they list soon! These are the stocks I am interested in buying!

[pluMmet]

I have been charged for my discounted BIME shares but no they have not showed up yet...

I had actually miss understood how the process works and had sent Al-Jazera a buy order with no date (an asap order.) Once I found out how the process worked I canceled the order (Or thought I did) but Al-Jazera executed my order when they started trading again so I should have loads of BIME in my account as soon as they show lol

[rightsonword]

I have been charged for my discounted BIME shares but no they have not showed up yet...

I had actually miss understood how the process works and had sent Al-Jazera a buy order with no date (an asap order.) Once I found out how the process worked I canceled the order (Or thought I did) but Al-Jazera executed my order when they started trading again so I should have loads of BIME in my account as soon as they show lol

This is the response I got from Al Jazera:

Yes , BIME paid-up shares have been purchased by us on behalf of our investors . However , BIME bonus shares and paid-up shares have not been added yet to the investors' accounts . We shall notify all our investors when that happens .

Hopefully they show up soon!