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Zain's Iraqi joint stock company elects board

Telco on track to list shares on ISX in the first half of 2014

IT Business, Operators, Telecoms, Financial news, Zain - Iraq

Zain Group's Joint Stock Company in Iraq, Al-Khatem Company for Telecommunications, has elected board members and alternate board members during its first annual general meeting.

Zain Iraq announced in June that it was establishing a joint stock company to allow it to list 25% of its shares on the Iraqi Stock Market.

During the SGM, shareholders voted in of seven board members and seven alternate board members. A subsequent meeting of Al- Khatem's Board took place and saw the election of Mohammed Charchafchi as chairman of the board, Asaad Al-Banwan as deputy chairman. Bader Al-Kharafi was appointed managing director.

Al-Kharafi, who is also a member of the board of directors of Zain Group, confirmed that Zain Iraq aims to fulfill its requirement to become a listed company on the ISX in the first half of 2014.

"Since entering the Iraqi market a decade ago in 2003, Zain Group has invested over $4.5bn to the development of the country's telecommunications industry, offering Iraqis reliable mobile telephony services," he added.

"Zain Group will continue to support the local management team whose solid track record is marked by continuing revenue growth and improving profitability over the years, maintaining Zain's undisputed market leadership in Iraq."

Wael Ghanayem, CFO, Zain Iraq said: "The future is very promising for Zain Iraq, as the country's GDP growth rate of 9% is one of the highest in the region, and considering that the population is very young coupled with a relatively low penetration rate below the region's average and the expected roll-out of 3G high speed data services in the near future, bodes well for the company and its stakeholders".