Iraq stock market chief sees capitalization doubling

[Stillw8n]

Iraq stock market chief sees capitalization doubling

Tags: Arbil, Exchanges, Iraq, ISX, Korek Telecom, kuwait, reuters, Zain, Zain Iraq
* Telecommunications IPOs expected next year
* Value of those IPOs could be $4 billion
* Now 23 million mobile users in Iraq

ARBIL, Iraq, Oct 13 (Reuters) – Iraq’s stock exchange market will double its capitalization to $8 billion once the three main mobile-phone companies operating in the country are listed, the market’s head said.

Asiacell, an affiliate of Qatar Telecom , Korek Telecom, which is part-owned by France Telecom and logistics firm Agility and Zain Iraq, a unit of Kuwait’s Zain , are required by their license terms to list shares on the local bourse.

All three companies have yet to change to shareholding companies, a key requirement and the first main step towards going public on the local Iraqi bourse. But regulators have given them more time to complete the process, which initially was supposed to have been done by Aug. 31.

Read More: http://www.reuters.com/article/2011/10/ ... P920111013