Operators Remain Cautious On IPO Despite Fines

Iraq's communications regulator, the Communications and Media Commission (CMC), has fined all three of the country's mobile operators for failing to list on the country's stock exchange. Asiacell, Korek and Zain all committed to IPOs on the local stock exchange as part of their operating licences, but all missed the initial deadline of August 2011. BMI believes the fines issued by the CMC provides an incentive for operators to accelerate IPO plans; however, we expect them to remain cautious in light of significant economic and political risk in Iraq and the wider region.

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