Iraq Stock Exchange

al-Saadi on ISX: cash chunky block will enter the Iraqi market soon revive the economy

23/01/2013 12:00 am

Reviewing the prospects for 2013

said a specialist on the importance of expanding capital markets in the inclusion of joint stock companies in the Iraqi market for securities because of this trend of big positives on the Iraqi economy, where to invest new money in the stock market as well for that part of it will employ to serve the economy in other aspects of the investment, pointing to the importance of the initiative of companies on its shares in the local bourse.

chairman of the Securities d. Abdul Razzaq al-Saadi: The Iraqi Stock Exchange will witness a remarkable development during the year 2013 and for the inclusion of mobile phone companies in the market updated to Mttlaptha the transformation into joint-stock companies.

said in an exclusive interview (morning) that a large cash chunky block and frozen citizens will enter the Iraqi market and will work to achieve the goals of major development in the country through the creation of an investment environment that was their tools cash chunky block houses, noting that near the trading of shares of company Asiacell in the stock market early February after completion conditions Listing and included converted into joint-stock companies

and on the question about the relationship with the Iraqi market Arab and international markets Saadi said: that Iraq’s past in trying to continue membership in the Union of Arab Securities Commissions also seeks to join the International Federation of Securities Commissions The applicant belonging to him two years ago and presented a model questionnaire containing 150 pages and is expected to be accepted this year.

Saadi pointed out that the importance of Iraq to get membership of the International Federation of being able to get an international credit rating because it is still workbook and when you get a membership will be our papers internationally accepted financial and in accordance with international standards, suggesting that the conditions are not impossible but require switching private law bodies were also in Qatar and Kuwait, and those conditions to be Chairman of the Commission as well equipped high and be linked to the head body top in power so that does not affect his decisions.

explained that he had an active presence in the body meetings of the U.S. Securities last year, where he was Iraq’s role within the five countries to speak at the meeting of the total 71 countries and this selection is a fantastic achievement for the recording of Iraq.

Saadi revealed that the year 2013 will witness the presence of 10 adherents of the Authority and the Iraqi
market to attend the annual conference of the U.S. Securities Commission next April and this review will contribute to building capabilities to the members of the delegation and see the evolution in the global market activities.

Saadi went on to say that the year 2013 will witness a new phase in the activity of the Iraqi Stock Exchange, and the inclusion of mobile phone companies so as to enhance the possibilities of the national economy through the benefits achieved by market all beneficiary parties.

said that AsiaCell had approached the trading shares in the Iraqi market for securities and by 67 billion and 503 million shares, which represent 25 percent of the shares and the price of 22 dinars per share and completed all the requirements of the Listing joint-stock company has been preparing for this trade through inter meetings organized by the concerned authorities in this regard. And

added that he is normal in such directions that permeated the interest on everyone from both Aoualemsahmin investors, funded profits realized by additional investments contribute to the progress of the economy and development. And said that the mass chunky cash will be available in the market and will contribute to raising the wheel of development. And

on the question of whether the two companies Zain and Cork Stdrjan said there are attempts to complete Mttlebatthma and hope quickly accomplished.

In the context Sadi pointed out the importance that civil transformed banks into joint-stock companies to
contribute to the other is in enhancing the status of the national economy, especially that there are ten banks are still not included.

Saadi called the central bank to need to urge banks to incorporate and especially there is a decision of the Economic Affairs Committee of the Cabinet in this regard.

explained that the resolution required banks not included in the Iraqi market for securities need to update the listing requirements for the of great importance in establishing the principle of disclosure and transparency in the banking business and the adoption of international standards in performance. Affairs Committee of the Council of Ministers has called on the Central Bank of Iraq should reconsider civil Ranked banks in accordance with the standards of disclosure and transparency and cooperation with the Securities Commission and the Association of Iraqi private banks.

Saadi called the relevant departments in providing the necessary facilities for companies wishing to convert to joint stock companies and then adopt steps Listing on the Stock Exchange and shares offered to investors through brokerage firms licensed and knowledge by the Iraqi market for securities.

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ISX completes drafting of bill; There is a need to develop securities market, strengthen stock, and enter world market

Posted: June 27, 2012 

Law of the Securities is expected the government vote

26/06/2012 0:00

BAGHDAD – Al Sabah
Securities Commission announced that it has completed the drafting of the bill is awaiting presentation to the Council of Ministers. Criticized the parliamentary finance committee, the delay in passing a law to organize the work of the Iraqi market for securities.

The executive director of the Iraq market for securities Abdul Razzaq al-Saadi’s (Center Brief for the Iraqi Media Network) “The Securities Commission has completed drafting a bill to regulate its work and sent to the Shura Council and approved by the Shura Council and sent again to the Council of Ministers and is now awaiting a vote and send it to the House of Representatives for the purpose of legislation. “

“The bill drafted by foreign experts took part consists of 85 material include all the needs of the development of securities market and strengthen the stock.”

And started the Iraq Stock Exchange preparations preliminary to gain membership in the global market for securities, also announced the initiation of electronic filing of corporate foreign investment and local, rather than filing paperwork.

The Stock Exchange of Iraq has started operation in 2004, and shifted from manual trading to the use of screens handle electronic in 2009 and open for trading two hours a day five days a week.

The banking sector is the largest in the stock market, which also includes the shares of industrial companies and insurance companies, hotels and agricultural companies.

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ANALYSIS-Fund managers begin to take Iraq investment gamble

 
   * Iraqi stock exchange seen as 'one-way bet'

   * Fund firms targeting hedge funds, high net worth clients

   * Risk involved 'lower than perceived'

   

   By Nishant Kumar and Cecilia Valente

   MUMBAI/LONDON, June 4 (Reuters) - A few bold fund managers are betting on the reconstruction of war-ravaged Iraq to tap into a market potentially worth billion of dollars.

   They are seeking out hedge funds, family offices, ultra high net worth investors and pension funds as potential investors willing to overlook the volatility for the prospect of double-digit returns from the Middle Eastern country.

   "We strongly believe that the Iraqi stock exchange is a one-way bet," said Eric le Blan, chief operating officer at boutique investment firm MerchantBridge.

   The firm launched the Iraq-focused Mesopotamia Fund last month, aiming to initially raise $5 million, and $50 million in the long term. So far, it has attracted only Middle Eastern investors, but it hopes Western clients will follow.

   Iraq's stock market is valued at about $2.5 billion with nearly 90 listed stocks, almost untouched by foreign portfolio investors. Some of its blue chips are North Bank, Credit Bank of Iraq and hospitality group Mansour Hotel.

   An inconclusive election has left political tensions in Iraq high, with no new government in sight nearly three months after the vote. 

   The country remains largely isolated from world financial markets -- only a short while ago local banks were so cut off the only way to transfer money across borders was in cash-stuffed bags. 

   But substantial investments from groups such as Exxon Mobil <XOM.N> and Royal Dutch Shell <RDSa.L> to develop untapped oil fields are expected to boost capacity, bringing a return of prosperity and lifting consumption.

   The government is also set to finance the construction of a $3 billion metro rail through Baghdad to shore up depleted infrastructure after years of war and underinvestment.

   

   HIGH RISK, HIGH RETURN

   Despite the potential, risks still abound and money managers warn that in this gamble of high risk and reward, losing a major chunk of money is a real possibility.

   "We are telling everybody: put in 1-3 percent of your assets, write it off immediately as a total loss and then look at it in three to five years," said Johan G. Kahm, a principal at multi-manager fund firm FMG that manages about $200 million across 10 funds.

   Kahm said his $5 million special opportunities fund <LP65004773> is now investing only in Iraq and raising money to boost assets to $10-15 million.

   "Iraq is a long-term play, the minimum investment horizon is at least one year," le Blan said.

   However Bjorn Englund, founder of alternative fund manager Godvig, said the while economic development will materialise "with a lag", the risk involved "is lower than perceived, which gives a very good risk/return potential".

   Godvig's Babylon Fund returned a total of 25 percent since its inception and the fund's assets have grown four-fold to $21 million since inception.

   Sitting on about 115 billion barrels of oil reserves, Iraq could look completely different five years down the line, as oil production and investment flows improve and the country's economy gets a lift, re-rating its stock market which is valued lower than that of Barbados.

   "Nobody knows what's going to happen. Everybody is guessing. But if it works out, we are going to make five, 10, 20 times of our money," Kahm said.

 (Editing by Michael Shields) ((cecilia.valente@thomsonreuters.com; +44 (0)20 75423570; Reuters Messaging: cecilia.valente.thomsonreuters.com@reuters.net))

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