Kuwait telecom operator Zain may be the sole seller in its Iraqi unit's IPO which could substantially cut its stake while maintaining its majority control.
Zain Iraq must float a quarter of its shares and list on the Iraq Stock Exchange (ISX) as part of its US$1.25bn licence, as were Iraq's two other national operators.
The company expects to finalise details of the initial public offering by the end of June, Wael Ghanayem, Zain Iraq's chief financial and operating officer told Reuters in an emailed response to questions.
If the IPO is fully subscribed, Zain's stake in Iraq's number one operator and one of its key subsidiaries could fall to 51 percent from 76 percent. It was not clear if Zain Iraq plans to sell more than 25 percent in the IPO.
No comments:
Post a Comment