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Zain Iraq’s Al-Khatem holding firm names board ahead of IPO

Zain Iraq, a unit of Kuwaiti operator Zain, has said its local holding firm has appointed seven board members and a managing director, a step towards a mandatory initial public offering (IPO) expected in 2014, Reuters has reported. Iraq's biggest telecoms operator by subscribers was a foreign-domiciled company, which would prevent it from joining the Iraq Stock Exchange (ISX), so a local joint stock company Al-Khatem Company for Telecoms was created to hold Zain Iraq's assets. "(These) are preparatory steps in order to list Al-Khatem on the ISX, in accordance with the company's licence conditions," said Zain Iraq chief financial officer, Wael Ghanayem.