Mobile Telecommunications Co., Kuwait’s largest mobile operator known as Zain, is all set for setting up an Iraqi company so that the unit of Zain in Iraq, termsed as ‘Zain Iraq’ can operate in the Iraqi mobile network sector with more vigorous selling and the company can meet public share sale requirements.
The new company will offer 55.9 million shares at 1 Iraqi dinar for each of its own shares over 30 days starting today to meet local rules, Zain said in a statement to the Kuwait Stock Exchange today. Zain stated that after the successful completion of the process, the company will be ratified with its public offering. Zain Iraq expects to complete the 25 percent IPO by the end of the year, its Chief Financial Officer Wael Ghanayem said yesterday.
The company hired Citigroup Inc., National Bank of Kuwait SAK and BNP Paribas SA for the IPO as stated by Zain management group. Zain Iraq stock sale would follow a $1.3 billion IPO by Asiacell Communications PJSC, majority-owned by Qatar Telecom QSC.