Iraq Stock Market Report

Rabee Securities Iraq stock exchange (ISX) market report (trading week ending: 26th September 2024).

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

*Selling price of the dollar from banks and non-bank financial institutions to the final beneficiary

**Selling price of the dollar by the CBI to the banks

Iraq Stock Exchange

• On Tuesday, Nokia announced a strategic partnership with Zain Iraq (TZNI) to upgrade the telecom operator's network in the south of Iraq. The three-year deal marks Nokia's first entry into the microwave (MW) business with TZNI, enhancing network capacity and modernizing the infrastructure to support future growth and increased traffic demand. (Iraqi Business News)
• ISX announced that on Sep. 29, 2024, the deposit operations for the first issuance of "Injaz/Enjaz bonds" will begin in the deposit center. The bonds will be launched for trading starting Oct. 20, 2024, on the bond platform. The price change will be 5% according to the table received from the CBI. The bonds will trade from 10:00 am till 12:00 pm.
• Regarding the capital increase decision of Credit Bank of Iraq (BROI) to reach IQD325.0 bn capital through 22.8% rights issue and 7.2% bonus, the subscription to right issue ended on Sep. 11. Due to the lack of 5.13 bn shares that were not subscribed to, the paid-in capital was able to reach IQD319.87 bn. BROI has a four-month extension period to issue the new shares starting from Sep. 2, 2024.
• Subscription to 20.0% rights issue of Al Masherq Al-Arabi Islamic Bank (BAMS) to IQD300.0 bn capital ended on Sep. 18.
• Iraqi Agricultural Products Marketing Meat (AIPM) announced that the location of the AGM, which will be held on Oct. 14, has changed to Al-Mamoun Hall for Events near the Yarmouk traffic intersection.
• Cihan Bank for Islamic & Finance (BCIH) has completed the legal procedures for the capital increase through a 16.4% rights issue to IQD355.0 bn.

Stocks that resumed / will resume trading:

• Iraqi for Seed Production (AISP) resumed trading on Sep. 23 after holding its AGM on Sep. 14. The company postponed the meeting until the opinion of the General Secretariat of the Council of Ministers is known regarding the interpretation of the Council of Ministers' decision to recommend the Ministerial Council for the Economy to increase the capital in accordance with Article (55/first/second/third/fourth) of the Companies Law.
• New shares of Al-Mansour Bank (BMNS) from the capital increase through a 5.0% rights issue and a %12.0 bonus issue to IQD351.0 bn resumed trading on Sep. 24.
• Kurdistan Internat. Islamic Bank (BKUI) resumed trading on Sep. 25 due to disclosing its FY23 financial results.
• United Bank (BUND) and National Chemical & Plastic Industries (INCP) were moved to the Undisclosed Companies Market (UCM) and resumed trading on Sep. 25.
• Modern Sewing (IMOS) will resume trading on Sep. 29 after holding its AGM on Sep. 24 in which they discussed and approved 2023 annual financial statements and decided to distribute IQD0.25 cash dividend per share, corresponding to a 2.8% dividend yield. The opening price will be IQD8.650 per share.

Stocks that were suspended / will be suspended from trading:

• ISX suspended trading of Commercial Islamic Bank of Iraq (BCOI) starting Sep. 24 due to the AGM that will be held on Sep. 27 to discuss and approve 2023 annual financial statements, dividend distribution, increasing the paid-in capital from IQD250.0 bn to IQD292.5 bn through a 17% bonus issue, and electing 3 alternative board members.
• ISX suspended trading of Iraq Noor Islamic Bank (BINI) starting Sep. 24 due to the AGM that will be held on Sep. 29 to discuss and approve 2023 annual financial statements and electing seven original and seven alternative board members.
• ISX suspended trading of Babylon Bank (BBAY) starting Sep. 25 due to not paying the fines (IQD10.0 mn) for not submitting FY22 & FY23 annual financial statements. Based on CBI's decision No. (203) of 2024, the bank will be referred to forced liquidation based on the provisions of Article No. 69 of the Banking Law. No. 94 of 2004 and Mr. Ahmed Abdul Mahdi Nehme will be appointed as a liquidator for the bank.
• ISX suspended trading of Gulf Insurance and Reinsurance (NGIR) starting Sep. 26 due to the AGM that will be held on Oct. 1 to discuss and approve 2023 annual financial statements.
• ISX suspended trading of Al-Ameen Estate Investment (SAEI) starting Sep. 26 due to the AGM that will be held on Oct. 1 to discuss and approve 2023 annual financial statements, the activation of investments for the company and Al Hamra Real Estate Investment Company and electing five original and five alternative board members.
• ISX will suspend trading of Al Mustashar Islamic Bank (BMUI) starting Oct. 1 due to the AGM that will be held on Oct. 4 to discuss and approve 2023 annual financial statements, dividend distribution, and electing seven original and seven alternative board members.
• ISX will suspend trading of Asiacell (TASC) starting Oct. 15 due to the AGM that will be held on Oct. 19 to discuss and approve 2023 annual financial statements and dividend distribution.
• ISX will suspend trading of Arabia Islamic Bank (BAAI) starting Oct. 15 due to the AGM that will be held on Oct. 19 to discuss and approve 2023 annual financial statements.
• ISX will suspend trading of Electronic Industries (IELI) starting Nov. 25 due to the AGM that will be held on Nov. 28 to discuss and approve 2017, 2018, and 2019 annual financial statements and electing four original and four alternative board members.
• ISX will suspend trading of Kharkh Tour Amusement City (SKTA) starting Dec. 3 due to the AGM that will be held on Dec. 8 to discuss and approve 2023 annual financial statements, dividend distribution, increasing the paid-in capital from IQD1.5 bn to IQD2.0 bn through %33.3 rights issue.

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