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Zain Iraq to complete IPO by year-end
- Iraq: Monday, April 08 - 2013 at 03:26
Kuwait's Zain has said its Iraqi unit would complete an initial public offering by the end of 2013, signally a further delay in the sale process, Reuters has reported. "We are now taking the legal procedures and we think by the end of the year we will finish the public offering," the company's chairman, Asaad Ahmed al-Banwan, told shareholders at the company's annual meeting. Zain Iraq along with rival mobile operators Asiacell, an Ooredoo subsidiary, and France Telecom affiliate Korek all missed an August 2011 deadline to float a quarter of their shares and list on the Iraq Stock Exchange.
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