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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 25th Sept 2020).

Please click here to view a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD658 (-2.2%) / $689 (-2.2%) (weekly change) (-0.1% and -1.7% YTD change, respectively). The number of week traded shares was 25.0 bn and the weekly trading volume was IQD24.1 bn ($19.4 mn).

ISX Company Announcements

  • ISX will suspend trading of Al-Ahlyia for Agricultural Production (AAHP) starting Oct. 14, 2020 due to the AGM that will be held on Oct. 19, 2020 to discuss and approve the results of the ending year Mar. 31, 2020, distributing cash dividends, the possibility to purchase an agricultural land, and electing five original and five alternative board members.
  • ISX will suspend trading of Al-Khazer for Construction Materials (IKHC) starting on Oct. 6, 2020 due to the AGM that will be held on Oct. 10, 2020 to discuss and approve 2019 annual financial statements and distributing cash dividend.
  • ISX will suspend trading of Gulf Insurance and Reinsurance (NGIR) starting Oct. 1, 2020 due to the AGM that will be held on Oct. 6, 2020 to discuss and approve 2019 annual financial statements, distributing cash dividend and increasing its capital from IQD2.0 bn to IQD7.0 bn through 250% rights issue.
  • ISX will suspend trading of Al Taif Islamic Bank for Investment & Finance (BTIB) starting Sep. 27, 2020 due to the AGM that will be held on Sep. 30, 2020 to discuss and approve 2019 annual financial statements, distributing cash dividend and increasing its capital from IQD100.207 bn to IQD150 bn through 49.7% rights issue.
  • The AGM of Modern Sewing (IMOS), which was planning to be held on Sep. 22, 2020, has been postponed due to lack of quorum.
  • ISX suspended trading of National Company for Tourism Investment (HNTI) starting Sep. 24, 2020 due to the GA that will be held on Sep. 29, 2020 to discuss appointing an inspection committee based on articles 140 – 134 of the Companies Law.
  • ISX suspended trading of Al Mustashar Islamic Bank for Invest. & Finance (BMUI) starting Sep. 23, 2020 due to the AGM that will be held on Sep. 28, 2020 to discuss and approve 2019 annual financial statements.
  • In its AGM held on Sep. 21, 2020, Ashur International Bank for Investment (BASH) decided to distribute IQD0.02 dividend per share (6.3% dividend yield); however, the CBI objected that decision in the meeting because the bank hasn’t recorded provisions by applying IFRS 9, yet. The company said even if the dividend distribution decision will take place in AGM minutes, they will remove it from AGM decisions if CBI objects the decision while auditing the decisions.
  • Cross transactions: 18.9 bn shares of Rajih Islamic Bank for Investment & Finance (BRAJ) on Sep. 21, 22 and 23, 2020, which represent 7.6% of BRAJ’s capital.

The post Iraq Stock Market Report first appeared on Iraq Business News.

By John Lee.

The European Bank for Reconstruction and Development (EBRD) is reportedly considering a request from Iraq to become a member.

A decision is expected to be made within three weeks.

The EBRD was established to help build a new, post-Cold War era in Central and Eastern Europe. It has since played a historic role and gained unique expertise in fostering change in the region and beyond, investing more than €145 billion in a total of over 5,700 projects.

More here.

(Source: Reuters)

(Picture: Acting President of EBRD, Jürgen Rigterink)

The post EBRD Considering Iraqi Membership first appeared on Iraq Business News.

By John Lee.

The Trade Bank of Iraq (TBI) has announced that Salem Chalabi [Salem Jawad Abdul Hadi Al-Jalabi] has taken over as the company’s Chairman and President with immediate effect.

Prime Minister Mustafa Al-Kadhimi appointed the Yale graduate to succeed Faisal Al Haimus, who has been named as head of the Iraq Securities Commission (ISC).

Mr Chalabi has most recently served as an adviser to the Prime Minister on international legal and financial affairs. He is a partner at the international law firm Stephenson Harwood, and has previously worked for DLA Piper, Clifford Chance, and Morgan Lewis.

(Sources: TBI, Zawya)

The post Trade Bank of Iraq names New Chairman first appeared on Iraq Business News.

Advertising Feature

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th Sept 2020).

Please click here to view a table of listed companies and their associated ticker codes.

The RSISX index ended the week at IQD673 (+3.9%) / $705 (+3.9%) (weekly change) (+2.2% and +0.5% YTD change, respectively). The number of week traded shares was 8.2 bn and the weekly trading volume was IQD7.4 bn ($6.0 mn).

ISX Company Announcements

  • The Iraq Stock Exchange (ISX) is pleased to invite those interested in dealing with shares of Joint Stock Companies listed on the ISX to participate in the introductory lecture on Zoom that will be held on Tuesday (Sep. 27, 2020) at 12:30 pm Baghdad time. The lecture will be free and the recording will be published by the ISX. Meeting ID: 87153812486, meeting password: 127792. For the link of the lecture, please click HERE.
  • Fallujah for Construction Materials (IFCM) will hold an AGM on Oct. 11, 2020 to discuss and approve 2017 annual financial statements and to elect 5 original and 5 alternative board members. The company has been suspended from trading since Jul. 6, 2015 due to not disclosing 2014 – 2018 annual financial statements and 2015 – 2018 quarterly results.
  • ISX will suspend trading of AL Arabiya Islamic Bank (BAAI) starting Sep. 28, 2020 due to the AGM that will be held on Oct. 1, 2020 to discuss and approve 2019 annual financial statements, the company’s dividends for the ending year 2019, profit from currency window purchase and sale, purchase of Express Payment Company for electronic payment LLC., establishing a brokerage company, establishing AL Arabiya Exchange Company/ Joint Stock Company, eliminating non-operating subsidiaries, and electing 7 original and 7 alternative board members.
  • Kharkh Tour Amusement City (SKTA) will resume trading on Sep. 20, 2020 after its AGM held on Sep. 7, 2020 in which they discussed and approved 2018 annual financial statements and deciding to amortize 25% of the accumulated deficit.
  • ISX will suspend trading of National Company for Tourism Investment (HNTI) starting Sep. 25, 2020 due to the GA that will be held on Sep. 29, 2020 to discuss appointing an inspection committee based on articles 140 – 134 of the Companies Law.
  • ISX will suspend trading of Al Mustashar Islamic Bank for Invest. & Finan. (BMUI) starting Sep. 23, 2020 due to the AGM that will be held on Sep. 28, 2020 to discuss and approve 2019 annual financial statements.

The post Iraq Stock Market now Positive Year-to-Date first appeared on Iraq Business News.

By Michael Knights, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Kadhimi’s Rolling Reshuffle (Part 2): Protecting Iraq’s Economic Institutions and Borders

On September 14, Baghdad announced a range of strategic leadership appointments for institutions tasked with overseeing Iraq’s economy, borders, and anti-corruption efforts-a list that includes banks, customs authorities, airports, seaports, land crossings, municipal bodies, investigative committees, and more.

The ambitious scope of the appointments and the centralized manner in which they were made says a great deal about Prime Minister Mustafa al-Kadhimi’s commitment to changing the corrosive status quo in Baghdad.

The question now is whether his government can withstand the coming pushback from militia and political elements who benefit from that status quo. The following is a digest of the new technocratic appointments and their implications; see Part 1 of this PolicyWatch for a discussion of Kadhimi’s recent military reshuffling.

Click here to read the full article, which includes details of the new appointments.

The post Details of PM’s New Appointments to Key Institutions first appeared on Iraq Business News.

By Michael Knights, for the Washington Institute for Near East Policy. Any opinions expressed are those of the author(s), and do not necessarily reflect the views of Iraq Business News.

Kadhimi’s Rolling Reshuffle (Part 2): Protecting Iraq’s Economic Institutions and Borders

On September 14, Baghdad announced a range of strategic leadership appointments for institutions tasked with overseeing Iraq’s economy, borders, and anti-corruption efforts-a list that includes banks, customs authorities, airports, seaports, land crossings, municipal bodies, investigative committees, and more.

The ambitious scope of the appointments and the centralized manner in which they were made says a great deal about Prime Minister Mustafa al-Kadhimi’s commitment to changing the corrosive status quo in Baghdad.

The question now is whether his government can withstand the coming pushback from militia and political elements who benefit from that status quo. The following is a digest of the new technocratic appointments and their implications; see Part 1 of this PolicyWatch for a discussion of Kadhimi’s recent military reshuffling.

Click here to read the full article, which includes details of the new appointments.

The post Details of PM’s New Appointments to Key Institutions first appeared on Iraq Business News.

By John Lee.

The Chairman of the state-owned Trade Bank of Iraq (TBI) has been chosen as the new head of the Iraq Securities Commission (ISC).

Faisal Al-Haimus (pictured) will take over from Dr. Alaa Abdulhussein Al-Saeidi as Chairman of the regulator.

Grant Felgenhauer, Managing Partner at Euphrates Advisors, an investor on the Iraq Stock Exchange, commented on the appointment:

“[This is] good news. Faisal is a veteran international banker and understands markets and the importance of capital formation to a local economy. This is a very positive development for Iraq’s capital markets and the Iraq Stock Exchange.”

(Source: @gfelge)

The post TBI Boss to Head Iraq Securities Commission first appeared on Iraq Business News.