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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 1st July 2013).
Please click here to download a table of listed companies and their associated ticker codes.
The RSISX index ended the week at ID1,862 (-0.2%) / $1,984 (-0.5%) (weekly change). The number of week traded shares was 34.0bn and the weekly trading volume was ID48.6bn ($39.9mn).

ISX Company Announcements
Note: We would like to inform our clients -who have shares at Commercial Bank and were entitled to the 3% cash dividend in 2010 and the 2.5% cash dividend in 2011- that the cash dividend has been deposited in their accounts with RS.

  • Middle East for Prod.- Fish (AMEF) will hold its AGM* on July 24, 2013 to discuss annual financial year-ended on March 31, 2013 and decide on profit distribution. ISX will suspend trading of AMEF starting on July 17, 2013.
  • United Bank (BUND) will hold its AGM* on July 21, 2013 to discuss 2012 financial statements, increasing its capital from IQD250bn to IQD300bn through 20% bonus issue and also opening an Islamic window after acquiring CBI’s initial approval. ISX will suspend trading of BUND starting on July 15, 2013.
  • Ready Made Clothes (IRMC) will hold its AGM* on July 17, 2013 to discuss 2012 financial statements, right-off some of the accumulated deficit and increasing its capital from IQD1.50bn to IQD1.59bn through 6.2% bonus issue. ISX will suspend trading of IRMC starting from July 10, 2013.
  • Original shares of Dar Es Salaam Inv. Bank (BDSI) resumed trading on July 3, 2013 after the decision to increase the capital from IQD105.8bn to IQD150bn through 18.54% bonus and 23.24% rights issues.
  • Bank of Baghdad (BBOB) will hold its AGM* on July 10, 2013 to discuss 2012 financial statements and increasing its capital through rights and bonus issues. ISX suspended trading of BBOB starting on July 3, 2013.
  • A cross transaction occurred on IQD7.4bn United Bank (BUND) shares on July 3, 2013. This represents 3.0% of BUND capital.
  • A cross transaction occurred on IQD1.9bn Economy Bank (BEFI) shares on July 3, 2013. This represents 1.3% of BEFI capital.
  • A cross transaction occurred on IQD15.0bn Iraqi Islamic Bank (BIIB) shares on July 1, 2013. This represents 9.9% of BIIB capital.
  • A cross transaction occurred on IQD1.2bn Commercial Bank of Iraq (BCOI) shares on June 30, 2013. This represents 0.8% of BCOI capital.
  • ISC announced that it has forfeited Economy Bank (BEFI) IQD30mn for not disclosing the fact that ISC has frozen the banks money.

*(Please note that the ex-date for capital increases and dividend distributions is referred to as “Trading-Suspension day” which is normally one week before the GA Meetings.)

Source: Iraq-BusinessNews.com.

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By Nawzad Mahmoud and Miran Hussein. This article was originally published by Rudaw, and is re-published by Iraq Business News with their kind permission.
The lifting of the United Nations’ Chapter 7 sanctions against Iraq is receiving mixed reaction among Iraqis, with some welcoming the move and others worried about its impact, given existing ethnic, sectarian and political tensions.
Minorities have been especially concerned, apprehensive that the Iraqi government — without a leash – could turn into yet another threat, paving the way to renewed dictatorship.
Labeed Abbawy, Iraq’s former deputy foreign minister, believes that the move will enhance Iraq’s diplomatic and political ties.
“Iraq can now have normal relations and sign all sorts of treaties with other countries of the world,” says Abbawy. “We were not getting invitations from the international conferences and some countries would even deny visa to our Iraqi diplomats,” he explains.
Amir Hassan Fayaz, head of the political science department at Nahrein College, believes that the lifting of sanctions will have both negative and positive consequences.
“The positive effects will be Iraq’s ability to use the oil revenues freely, because now part of Iraq’s oil revenues goes to Kuwait as reparations for the (1990) invasion and the rest goes to Iraq’s reconstruction fund.

Source: Iraq-BusinessNews.com.

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Kent State University will host scholars from Iraq and Libya for 10 weeks this summer as part of the Fulbright Visiting Scholar Program. The prestigious program is sponsored by the Council for International Exchange of Scholars and supported by the U.S. Department of State’s Educational and Cultural Affairs Bureau.
This is the second year that Kent State has been selected by the State Department to host Fulbright Scholars. Last year, the university hosted scholars from Iraq for the summer program.
“To be selected to host Fulbright Scholars again this year demonstrates Kent State’s commitment to building global connections,” said Todd Diacon, Kent State senior vice president for academic affairs and provost. “We look forward to enhancing academic and cultural opportunities through partnerships with the world’s leading universities and scholars.”
Under the leadership of I. Richmond Nettey, Ph.D., associate dean of Kent State’s College of Applied Engineering, Sustainability and Technology, a Kent State team of administrators, faculty and staff from across the university submitted a proposal to the Council for International Exchange of Scholars to host the 2013 Fulbright Visiting Scholar Program for Iraq and Libya.
The interdisciplinary proposals, which were submitted late last year, were approved by the U.S. Department of State’s Bureau for Educational and Cultural Affairs in February 2013.
Nettey credits the selection to the remarkable work done by the Kent State faculty mentors last summer with influencing the selection.
“Last year, our team did such a spectacular job, and it really impressed the program’s organizers,” Nettey said. “Plus, the scholars themselves were very glowing in their reviews.”

Source: Iraq-BusinessNews.com.

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By John Lee.
JPMorgan Chase is the latest international bank after Citigroup and Standard Chartered to expand business in Iraq, reports Bloomberg.
The company has just signed a one-year agreement to help the Trade Bank of Iraq (TBI) finance imports of goods and services, John Gibbons, managing director and EMEA regional executive, told the news agency.
“Our focus is to open more letters of credit through the Trade Bank of Iraq on behalf of the government and its ministries,” he said.
JPMorgan helped set up TBI, the country’s largest bank for trade finance, to facilitate imports needed for Iraq’s postwar reconstruction.
(Source: Bloomberg)

Source: Iraq-BusinessNews.com.

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The Minister of Agriculture and Water Resources, Professor Baban, is visiting London from 10th to 12th July. The Middle East Association (MEA), in partnership with British Expertise, invite you to attend this event at Bury House on Wednesday 10th July, 3pm-5pm.
The event will include a short presentation followed by Q&A and an opportunity to network. This is a unique chance to meet with the Minister for private and in-depth discussions on Agriculture and Water Resources in Iraqi Kurdistan.
This event is FREE to MEA and British Expertise members and £45 +VAT for non-members. To register for this event, please contact Jacqui Marshall at the MEA.

Source: Iraq-BusinessNews.com.

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said economic expert d. Peace Sumaisem: that the Iraqi dinar is witnessing a remarkable increase in value, especially in recent times, and after the withdrawal of Iraq from Chapter VII.

Shammari calls to set a date to reset the Iraqi currency


Posted on: 08/07/2013 19:24:15 Category: Economic Written by: sinan Views:

1100 BAGHDAD /
With: spokesman called white parliamentary bloc Kazem Al-Shammari to make an appointment to reset the Iraqi currency. Al-Shammari said in a press statement, received a "news the future," a copy of it, that

"the high volume of reserves of Iraq from foreign currency to $ 76 billion in addition to the 30 tons of gold bullion, and out of Iraq from Chapter VII, make it necessary to set a date to reset the Iraqi currency .

" "The investment of this reserve big help to raise the value of the Iraqi currency compared to foreign currencies, and thus will contribute to reduce the prices of goods and commodities,

would be reflected on improving the living standards for the Iraqi people and thus contribute to the insurance community and reduce crime and the fight against terrorism."

http://www.mustakbal.net/news.php?id….Dspod36d.dpuf

2668JPMorgan Chase & Co. (JPM) is the latest international bank after Citigroup Inc. (C) andStandard Chartered Plc (STAN) to expand business in Iraq as OPEC’s second-largest producer boosts crude oil output and rebuilds its economy.

JPMorgan signed a one-year agreement yesterday to help the Trade Bank of Iraq finance imports of goods and services, John Gibbons, managing director and EMEA regional executive for the New York-based bank, said in an interview in Baghdad.

“Our focus is to open more letters of credit through the Trade Bank of Iraq on behalf of the government and its ministries,” he said.

Iraq, with the world’s fifth-largest proven oil reserves, is modernizing its infrastructure and energy industry after decades of sanctions, war and neglect. It produced 3.2 million barrels a day of crude in June, according to data compiled by Bloomberg, and targets output of 3.5 million barrels by the end of the year. The government is boosting spending by 18 percent in 2013 to $118 billion, and the International Monetary Fund forecasts an annual economic growth rate of 9 percent, the fastest after Libya among 18 countries in the region.

Iraqi officials are in talks with international banks about the opening of offices and branches in the country, Abdul-Basit Turki, acting governor of Iraq’s central bank, said today in an interview in Baghdad. “It is a rich market and the investment opportunities are huge,” Turki said.

Banking Growth

Foreign banks were barred from the country until after the 2003 U.S.-led invasion ousted the government of Saddam Hussein. Today, 15 international banks operate in Iraq, competing with seven state banks, 23 private lenders and nine banks operating under Islamic rules, according to the central bank’s website.

Citigroup plans to open representative offices and branches in Baghdad and the cities of Basra and Erbil to benefit from an estimated $1 trillion of infrastructure spending, Mayank Malik, the U.S. bank’s chief executive officer for Jordan, Iraq, Syria and the Palestinian territories, said in a June 27 interview. The lender is among international banks seeking to finance a pipeline to export Iraqi oil and natural gas through Jordan, Nateq Balasem Khalaf, deputy director general of Iraq’s State Company for Oil Projects, said July 4.

Standard Chartered has said it will open branches this year in Baghdad and Erbil, followed by a third office next year in Basra, a southern oil hub.

Import Payments

The agreement with JPMorgan will help the Trade Bank of Iraq “open more letters of credit that we’re in need of,” TBI chairman and president Hamdiyah Al Jaff said in an interview in Baghdad yesterday. JPMorgan helped set up TBI, the country’s largest bank for trade finance, to facilitate imports needed for Iraq’s postwar reconstruction.

Banks in the country are set for growth in earnings and assets as a surge in lending in Iraq outpaces much of the Middle East, according to Singapore-based Sansar Capital Management LLC, which runs a fund with $30 million invested in Iraqi equities.

Iraq’s rising oil exports and a drop in the prime lending rate to 6 percent from 17 percent in 2008 are feeding the expansion. The five largest privately owned banks boosted their combined net income by 207 percent from 2010 to 2012 and more than doubled earnings per share.

Iraq’s stock exchange drew investors in February when mobile operator Asiacell Communications PJSC listed after a $1.3 billion share sale, in the Middle East’s biggest initial public offering since 2008. The country’s two other mobile operators, Zain Iraq and Korek Telecom, plan to sell shares in IPOs to comply with their license requirements.

Iraq is the biggest oil producer, after Saudi Arabia, in the Organization of Petroleum Exporting Countries.

Source: Bloomberg