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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 11th June 2015).

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

The RSISX index ended the week at ID1,366 (+0.6%) / $1,319 (-0.5%) (weekly change) (-1.9% and -11.0% YTD change, respectively). The number of week traded shares was 19.1bn and the weekly trading volume was IQD16.0bn ($11.9mn).

ScreenHunter_1821 Jun. 14 19.33

ISX Company Announcements

  • According to ISX letter to ISC no. (1125) dated on 11/6/2015 about completing Al Khatem Telecom (TZNI)’s requirements of listing and start trading, following are the details: 1) Al Khatem Telecom (TZNI) started their advertisement campaign on May 18, 2015. It was revised according to ISX request to advertise specifically about Al Khatem Telecom (TZNI) activities and not Zain Iraq. The new campaign started on May 25, 2015 according to ISX advice to attract investors and they are still advertising. 2) According to Article 3c of the listing procedures approved by the ISC of Al Khatem Telecom Company (TZNI), the first trading session will be on Jun 23, 2015 (1 month after the advertising campaign). 3) The shareholders book submitted to IDC on Jun. 9, 2015. It is reviewed and approved by the IDC and depositing the shares started from Jun. 10, 2015. 4) Atheer National Company (the seller) shares deposited through Rabee Securities on Jun. 11, 2015.
  • According to ISX announcement no. (1130) dated on 11/6/2015, Al Khatem Telecom (TZNI) will start trading on Tuesday, Jun. 23, 2015 after completing all the requirements and depositing shareholders book in the IDC. Please consider the following procedures: 1) Atheer National Company (Shareholder of Al Khatem Telecom (TZNI)) will offer 25% of the capital of Al Khatem Telecom (TZNI) (457,445,663,350) shares. The seller is not allowed to buy any shares of Al Khatem Telecom (TZNI) until they finish the above shares. 2) The selling procedures will be through Rabee Securities. 3) The share will trade at free price at the first trading session. The closing price of the first trading session will be the average price of this session. 4) The percentage of change after the first trading session will be +/- 10% of the first trading session closing. 5) The seller will continue offering until they fill the number of shares above. Al-Mansour Pharmaceuticals Ind. (IMAP) will resume trading on Jun. 14, 2015 after they approved 2014 annual financial results and distributing 4.6% cash dividend (IQD0.046 cash dividend per share). The opening price will be IQD0.68 per share with +/-10% limit for the first session.
  • CBI has decided on its session no. 1525 held on May 18-19, 2015 to reduce the time period of deposing the amounts of Iraqi Dinar to implement the foreign transfers to be 10 days instead of 15 days.
  • Iraqi Agricultural Products (AIRP) will hold its AGM* on Jun. 21, 2015 to discuss 2014 annual financial results and distributing IQD180mn cash dividend (corresponding to IQD0.5 cash dividend per share). ISX will suspend trading of AIRP starting on Jun. 14, 2015.
  • Al-Mansour Pharmaceuticals Ind. (IMAP) will resume trading on Jun. 14, 2015 after they approved 2014 annual financial results and distributing 4.6% cash dividend (IQD0.046 cash dividend per share). The opening price will be IQD0.68 per share with +/-10% limit for the first session.
  • A cross transaction occurred on 5.4bn Ashur Bank (BASH) shares on Jun. 11, 2015, corresponding to 2.2% of BASH capital. A cross transaction occurred on 6.3bn Iraqi Islamic Bank (BIIB) shares on Jun. 9, 2015, corresponding to 2.5% of BIIB capital.
  • ISC has issued a letter no. (9/1117) on Jun. 9, 2015 to ISX about Dar Es Salaam Investment Bank (BDSI) situation. They noted that the adjusted price is 0.95 and the shares will not resume trading before capital increase until they get the approval of the registrar about the capital increase that was listed in the subject of the AGM as following: 1) Listing new shares for subscription with 45bn share. 2) Selling 50bn share for IQD1.100 for the new investors. 3) Distributing bonus shares to the shareholders with value IQD5bn.
  • According to ISX letter no. (1100) on Jun. 8, 2015, sent to ISC about listing of Lo’Lo’ For Money Transfer, the company didn’t complete the deposit procedures; therefore it has not listed yet. According to ISX letter no. (1101) on Jun. 8, 2015, sent to ISC about listing of Immortal River Corporation For Money Transfer (MTRV), the company didn’t complete the deposit procedures; therefore it has not listed yet. According to ISX letter no. (1099) on Jun. 8, 2015, sent to ISC about listing of Ataa Al-Garri Company For Money Transfer (MTAG), the company didn’t complete the deposit procedures; therefore it has not listed yet.
  • According to central bank letter no. (9/2/8970) dated June 7, 2015, the bank is going to abolish the following banks from foreign currency auction due to not paying the taxes and custom ratios to the tax and custom directorates. CBI will freeze funding the overseas accounts of those banks until they pay them off. The following are those banks: Investment Bank of Iraq (BIBI), Gulf Commercial Bank (BGUC), Iraqi Middle East Bank (BIME), Union Bank (BUOI), Sumer Commercial Bank (BSUC), Bilad Islamic Bank, Lebanon France Bank, Byblos Bank, International Development Bank, Bank of Beirut and Arab Countries, Cihan Bank, France Bank, TBI, Al-Huda Bank.

Royal Jordanian is to start a direct regular service between Amman and Najaf, on 9th July. This will increase the number of Iraqi destinations on the RJ network to six, including Mosul,which has been suspended since June 2014.

RJ President and CEO, Captain Haitham Misto (pictured), said that the service between Najaf and Amman will also serve Iraqi passengers transiting though Queen Alia International Airport on their way to destinations beyond Amman, particularly serving Hajj and Umrah pilgrims.

RJ will operate two weekly flights to Najaf, on Mondays and Thursdays, raising the number of flights between Jordan and Iraq to 31 weekly, including 12 weekly flights to Baghdad, nine to Erbil and four weekly flights to each of Basra and Sulaymaniyah, in addition to the two halted flights to Mosul.

On Mondays the flight takes off from its base at Queen Alia International Airport, Amman, at 11 am and reaches Najaf at 12.35 noon. The return flight departs from there at 13.20 and lands in Amman at 15.05. On Thursdays RJ operates its flights from Ammanat 2.10am and reaches Najaf at 3.45am, whereas it takes off from Najaf at 5.25am and arrives in Amman at 7.15am.

(Sources: Al Bawaba, Trade Arabia)

By John Lee.

European traders said on Monday that Russian wheat was offered lowest at $231.00 a tonne c&f free out in the tender from Iraq’s state grains board to buy at least 50,000 tonnes of hard wheat for shipment between 15th August and 13th September and delivery between 14th September and 28th October.

According to a report from Reuters, the tender closed on Sunday and offers must remain valid up to 18th June 18.

Russian wheat was also reportedly offered at $233.00 and $236.50 a tonne c&f free out, with one offer for US wheat at $285.42 a tonne c&f free out; the lowest offer for Australian origin was $267.50 c&f free out and the lowest from Canada was $266.00 a tonne c&f free out.

Iraq plans to become a net exporter of wheat by 2017.

(Source: Reuters)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported.

Officials reported details of the latest strikes, which took place between 8 a.m. Saturday and 8 a.m. Sunday, local time, noting that assessments of results are based on initial reports.

Airstrikes in Syria

Fighter aircraft conducted an airstrike near Aleppo, which struck an ISIL tactical unit.

Airstrikes in Iraq

Attack, fighter and bomber aircraft conducted 12 airstrikes in Iraq, approved by the Iraqi Ministry of Defense:

  • Near Baghdadi, one airstrike destroyed an ISIL staging position.
  • Near Beiji, one airstrike destroyed an ISIL vehicle.
  • Near Fallujah, one airstrike struck an ISIL tactical unit, destroying an ISIL vehicle and an ISIL heavy machine gun.
  • Near Makhmur, one airstrike struck an ISIL mortar positon.
  • Near Mosul, three airstrikes struck two ISIL staging areas and land features, denying ISIL a tactical advantage.
  • Near Sinjar, two airstrikes struck an ISIL large tactical unit, destroying two ISIL excavators, two ISIL buildings, two ISIL heavy machine guns, an ISIL rocket-propelled grenade and an ISIL tunnel system.
  • Near Tal Afar, three airstrikes struck an ISIL rocket firing position and land features denying ISIL a tactical advantage.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, the region, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the terrorist group’s ability to project terror and conduct operations, officials said.

Coalition nations conducting airstrikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting airstrikes in Syria include the United States, Bahrain, Canada, Jordan, Saudi Arabia and the United Arab Emirates.

(Source: US Dept of Defense)

The President of the International Bar Association (IBA), David W. Rivkin (pictured), has announced the launch of the eyeWitness to Atrocities mobile app, a new tool to document and report international atrocity crimes in a secure and verifiable way so that the information can be used as evidence in a court of law.

Every day around the world, human rights defenders, investigators, journalists, and ordinary citizens capture photos and video of atrocities committed by violent and oppressive states and groups.  The eyeWitness app will increase the impact of the footage collected by these courageous individuals by ensuring the images can be authenticated and, therefore, used in investigations or trials.

It will also provide assurance of authenticity to media who wish to report the photo or video.  Under the leadership of Mark Ellis, Executive Director, the IBA created the idea for this app and worked with software professionals, prosecutors, defence lawyers and other experts in developing the app.  Because of its importance in fulfilling the IBA’s mission to promote, protect and enforce human rights under a just rule of law, the IBA is devoting $1 million to this groundbreaking project.

With social media increasingly the forum for communicating human rights violations, many online images have raised awareness of atrocities around the world but typically lack the attribution or information necessary to be used as evidence in a court of law. Now anyone with an Android-enabled smart phone can download the eyeWitness to Atrocities app and help hold accountable perpetrators of atrocity crimes, such as genocide, crimes against humanity, torture and war crimes.

The design of the app is based on extensive research on the rules of evidence in international, regional and national courts and tribunals. It includes several features to guarantee authenticity, facilitate verification and protect confidentiality by allowing the user to decide whether or not to be anonymous.

The eyeWitness app records and embeds the metadata necessary to facilitate verification of the video and photos collected. This footage will be stored in a secure repository, maintained by eyeWitness and hosted by LexisNexis.  The eyeWitness expert legal team will analyse the received images and identify the appropriate authorities, including international, regional, or national courts, to investigate further.  eyeWitness will be an ongoing advocate for the relevant footage it receives, ensuring that it is used to promote accountability for the atrocities filmed.

The IBA has worked with various human rights organisations in field testing the app in Syria, Kenya and elsewhere, and the results have been excellent. We are now partnering with these and other human rights organisations to put the app in the hands of those working in some of the world’s most severe conflict zones.  The app is now available and can be downloaded at Google Play.  More information about eyeWitness can be found on its website, www.eyewitnessproject.org, or its youtubechannel: tinyurl.com/ppc7yvp.

eyeWitness offers a revolutionary solution to the evidentiary challenges of mobile phone footage and puts the technology in the hands of citizens to bring to justice those who have committed the most serious international atrocity crimes. The IBA is proud to spearhead this important project.

(Source: IBA)

By John Lee.

Iraq has reportedly surprised traders in Asia with a sharp increase in the price of its new Basrah Heavy crude grade.

Despite the grade selling at a sharp discount in the spot market last month, the State Oil Marketing Organization (SOMO) raised the Official Selling Price (OSP) for Basrah Heavy by 85 cents per barrel to a discount of $5.65/barrel relative to Platts average Oman/Dubai assessments for cargoes loading in July and heading to Asia.

Saudi Arabia has also raised the OSP for its Arab Heavy crude, and according to one trader “unfortunately SOMO follows Saudi closely.

India is an important buyer of the new grade.

(Source: Platts)

(Oil price image via Shutterstock)

KRG Prime Minister Nechirvan Barzani received the Kuwait Consul-General to the Kurdistan Region, Dr. Omar Ahmad Al-Kandari, on Wednesday.

Prime Minister Barzani welcomed the Kuwait Consul-General to his new position. They discussed the latest developments in the Kurdistan Region, particularly the war against terrorism and the economic and social impact of hosting nearly two million refugees and internally displaced persons, IDPs.

Investment opportunities were also discussed and the Consul-General affirmed the desire of his country’s companies, investors, and relevant institutions to develop economic and commercial ties with the Region. He described the opening of the Kuwait Consulate General as an important step in that regard.

Prime Minister Barzani expressed his happiness at the establishment of relations between the Kurdistan Region and Kuwait, offering the support of relevant KRG organisations to Kuwaiti companies that wish to invest in the Region, particularly in priority fields such as agriculture and tourism.

With Kuwaiti media representatives present in the meeting, Prime Minister Barzani explained the political, economic, security, and military situation in the Region. Regarding relations with Baghdad, he said that at this moment the KRG intends to resolve its differences with Baghdad.

He said that Iraq is important for Kurdistan Region from geographical, political, social, commercial, and economic points of view. He said, however, that if the current breach of agreements by Baghdad continues, then the Region would have to turn towards other options.

(Source: KRG)

By John Lee.

The United States is considering opening a network of new bases in Iraq, to help in the war against the Islamic State (IS, ISIS, ISIL).

General Martin E Dempsey (pictured), chairman of the Joint Chiefs of Staff, outlined the plan just a day after the White House announced that up to 450 additional U.S. personnel would be deployed to Iraq to expand the U.S. advise-and-assist mission at Taqaddam Air Base.

There is no timetable for any offensive in the province, Dempsey said, but the base at Taqaddam [Taqaddum] and the support to the tribes will be an enabler for the counterattack to reclaim Ramadi.

If successful, the base could be a model for further efforts in the country, the general said, likening it to a lily pad in a pond, with the base at the center and the lily pad being the range of security extending out.

Our campaign is built on establishing these ‘lily pads’ that allow us to encourage the Iraqi security forces forward,” the chairman said. “As they go forward, they may exceed the reach of the particular lily pad. We’re looking all the time to see if additional sites might be necessary.”

Dempsey said that although he doesn’t anticipate the need for another base in Anbar, “I could foresee one in the corridor that runs from Baghdad to Tikrit to Kirkuk over into Mosul.

(Source: US Dept of Defense)

U.S. and coalition military forces have continued to attack Islamic State of Iraq and the Levant terrorists in Syria and Iraq, Combined Joint Task Force Operation Inherent Resolve officials reported.

Officials reported details of the latest strikes, which took place between 8 a.m. Wednesday and 8 a.m. Thursday, local time, noting that assessments of results are based on initial reports.

Airstrikes in Syria

Attack, bomber and fighter aircraft conducted 16 airstrikes in Syria:

  • Near Hasakah, an airstrike struck an ISIL tactical unit, destroying an ISIL fighting position and an ISIL heavy machine gun.
  • Near Raqqah, seven airstrikes struck six ISIL tactical units, destroying seven ISIL improvised rocket-assisted munitions, two ISIL fighting positions, two ISIL resupply points, two ISIL vehicle bombs, an ISIL vehicle and an ISIL vehicle bomb warehouse.
  • Near Dayr Az Zawr, four airstrikes struck four ISIL crude oil collection points.
  • Near Kobani, four airstrikes struck three ISIL tactical units, destroying four ISIL fighting positions, two ISIL vehicles, an ISIL building and an ISIL mortar firing position.

Airstrikes in Iraq

Attack, bomber, fighter and remotely piloted aircraft conducted 13 airstrikes in Iraq, approved by the Iraqi Ministry of Defense:

  • Near Al Qaim, one airstrike destroyed an ISIL excavator.
  • Near Beiji, four airstrikes struck four ISIL tactical units, destroying three ISIL vehicles and three ISIL structures.
  • Near Haditha, an airstrike destroyed an ISIL vehicle.
  • Near Kirkuk, an airstrike struck an ISIL mortar firing position.
  • Near Mosul, three airstrikes struck land features, denying ISIL a tactical advantage, as well as an ISIL tactical unit and an ISIL heavy machine gun, destroying an ISIL vehicle.
  • Near Sinjar, an airstrike struck an ISIL large tactical unit, destroying three ISIL structures, two ISIL rocket-propelled grenades, an ISIL bunker, an ISIL heavy machine gun and an ISIL tunnel system.
  • Near Tal Afar, two airstrikes struck an ISIL tactical unit and two ISIL mortar firing positions, destroying an ISIL building and an ISIL heavy machine gun.

Part of Operation Inherent Resolve

The strikes were conducted as part of Operation Inherent Resolve, the operation to eliminate the ISIL terrorist group and the threat they pose to Iraq, Syria, the region, and the wider international community.

The destruction of ISIL targets in Syria and Iraq further limits the terrorist group’s ability to project terror and conduct operations, officials said.

Coalition nations conducting airstrikes in Iraq include the United States, Australia, Belgium, Canada, Denmark, France, Jordan, the Netherlands and the United Kingdom.

Coalition nations conducting airstrikes in Syria include the United States, Bahrain, Canada, Jordan, Saudi Arabia and the United Arab Emirates.

(Source: US Dept of Defense)