Iraq Stock Exchange News


Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 14th Sept 2017).

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

The RSISX index ended the week at IQD786 (+0.5%) / $807 (+0.4%) (weekly change) (-18.1% and -14.8% YTD change, respectively). The number of week traded shares was 43.7bn and the weekly trading volume was IQD 31.3bn ($24.8mn).

ISX Company Announcements

  • Two cross transactions occurred on 23.65bn shares of Al-Arabiya Islamic Bank (BAAI) on Sept. 12 and Sep. 13, 2017, which represent 9.4% of BAAI capital.
  • A cross transaction occurred on 15.99bn shares of Mosul Bank for Development and Investment (BMFI) on Sept. 12, 2017, which represent 6.3% of BMFI capital.
  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX suspended trading of NDSA starting Sep. 14, 2017.
  • Baghdad Hotel (HBAG) resumed trading on Sept. 14, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 47% cash dividend (IQD0.47 dividend per share, 5.0% dividend yield).
  • Al-Qabedh Islamic Bank for Finance and Investment (BQAB) having a capital of IQD250bn paid-in capital, has completed converting procedures from Al-Muhej for Money Transfer (MTAM) and started trading in non-regular market on Sept. 13, 2017. BQAB closed the day at IQD1.0.
  • Region Trade Bank for Investment and Finance (BRTB) started depositing its shares on Sept. 14, 2017. The bank will start trading after depositing and activating 5% of the shares or after 21 days, on Oct. 5, 2017.
  • Al-Zawraa for Financial Investment (VZAF) will hold AGM* on Sept. 17, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of VZAF starting on Sept. 12, 2017.
  • Kurdistan International Bank (BKUI) disclosed that the ownership of Khan Adil Disko at BKUI reached 39.6bn shares on Sept. 11, 2017, which represents 9.9% of BKUI capital.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 7th Sept 2017).

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

The RSISX index ended the week at IQD783 (+0.3%) / $803 (-0.1%) (weekly change) (-18.6% and -15.1% YTD change, respectively). The number of week traded shares was 1.2bn and the weekly trading volume was IQD 0.9bn ($0.7mn).

ISX Company Announcements

  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX will suspend trading of NDSA starting Sep. 14, 2017.
  • Iraqi Agricultural Products Marketing Meat (AIPM) will hold AGM* on Sept. 12, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of AIPM starting on Sept. 7, 2017.
  • Mamoura Real estate Investment (SMRI) requested Middle East Bank for investment (BIME) and Bilad Islamic Bank (BLAD) on Sept. 7, 2017 to pay back the unused amount (remaining amount) of cash belong to the investors related with the rights issue of SMRI considering that 15 days passed the subscription closing date (Aug. 21, 2017).

Stock Market Review: Realignment of Reginal Interests in Post-IS Iraq

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The equity market was mostly subdued through the dog days of summer but the big development to note is the realignment of interests of regional players in a post-ISIS Iraq with major implications for the Iraq investment story.

The equity market, as measured by the RSISUSD index, ended the month up +0.2% after trading in a tight range following the July sentiment turnaround, in which extremely depressed bank valuations drove locals to step up and absorb foreign selling as highlighted in last month’s piece on Iraq Business News.

However, turnover continued to be low in-line with the last few months (see chart below) while foreign activity was mostly subdued with some re-emergence of selling in banks in the last few days but, at least for now, that has lost its ability to depress the overall market. The low turnover continues to emphasize the early phases of the liquidity recovery in the economy and the market.

However, the most significant development is the broadening of the realignment of interests of regional players in dealing with the root causes of the conflict, i.e. the deep economic and political disenfranchisement, that were such fertile grounds for the rise of extremism.

Following the military resolution to contain the common threat, these would be long-term solutions which will involve significant investments in infrastructure to bring much-needed developments and create prosperity.

Please click here to download Ahmed Tabaqchali’s full report.

Mr Tabaqchali is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets.

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

Iraq Stock Market Report

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Note: ISX will be closed starting from Sep. 1, 2017 to Sep. 5, 2017 due to the religious holiday of Eid Al-Adha. The next session will be held on Wednesday (Sep. 6, 2017).

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 31st Aug 2017).

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

The RSISX index ended the week at IQD781 (+1.4%) / $804 (+1.4%) (weekly change) (-18.6% and -15.1% YTD change, respectively). The number of week traded shares was 14.8bn and the weekly trading volume was IQD13.1bn ($10.4mn).

ISX Company Announcements

  • Dar Al-Salam for Insurance (NDSA) will hold AGM* on Sept. 19, 2017 to discuss and approve 2016 annual financial results and decide to increase the capital from IQD3.5bn to IQD5.0bn through 42.5% rights issue. ISX will suspend trading of NDSA starting Sep. 14, 2017.
  • Baghdad Hotel (HBAG) will hold AGM* on Sept. 10, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of HBAG starting on Aug. 31, 2017.
  • A cross transaction occurred on 9.9bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 28, 2017, which represents 3.96% of BAAI capital.
  • National Islamic Bank (BNAI) resumed trading on Aug. 31, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 8.5% cash dividend (IQD0.085 dividend per share, 8.1% dividend yield).
  • Al-Nobles for Money Transfer (MTNO) and Al-Noor for Money Transfer (MTNN) resumed trading on Aug. 31, 2017 after discussing and approving 2016 annual financial results.
  • Ahliya for Insurance (NAHF) resumed trading on Aug. 31, 2017 after discussing and approving 2016 annual financial results.
  • Kharkh Tour Amuzement City (SKTA) resumed trading on Aug. 30, 2017 after fulfilling ISC disclosure requirements and publishing 2016 annual financial results.
  • Iraqi Agricultural Products (AIRP) resumed trading on Aug. 27, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 10% cash dividend (IQD0.10 dividend per share, 1.4% dividend yield).

Iraq Stock Market Report

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Note: ISX will be closed starting from Sep. 1, 2017 to Sep. 5, 2017 due to the religious holiday of Eid Al-Adha. The next session will be held on Wednesday (Sep. 6, 2017).

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 24th Aug 2017).

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

The RSISX index ended the week at IQD770 (-1.9%) / $793 (-1.5%) (weekly change) (-19.8% and -16.3% YTD change, respectively). The number of week traded shares was 4.7bn and the weekly trading volume was IQD3.1bn ($2.4mn).

ISX Company Announcements

  • The ISX Board of Governors approved on Tuesday (Aug. 15, 2017) the inclusion of the first issue of the national bonds as it fulfilled the bond’s listing requirements according to the instructions. The Board of Governors decided that the limit for price change will be -/+5% per session according to the bond’s listing instructions. It was mentioned that the Iraqi Securities Commission’s (ISC) approval is required to launch the procedures for depositing and trading of this issue of the National Bonds.
  • Baghdad Hotel (HBAG) will hold AGM* on Sept. 10, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of HBAG starting Aug. 31, 2017.
  • Iraqi Agricultural Products (AIRP) will resume trading on Aug. 27, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 10% cash dividend (IQD0.10 dividend per share, 1.4% dividend yield). The opening price will be IQD7.30* per share. (*RS calculation)
  • The subscription on 0.5bn Al-Ameen Financial Investment (VAMF) shares closed on Aug. 10, 2017 to increase the capital to IQD1.5bn through rights issue.
  • Original shares of Al-Ameen Insurance (NAME) resumed trading on Aug. 22, 2017 after discussing and approving 2016 annual financial results and deciding to increase the capital from IQD3.410bn to IQD3.819bn through 12% bonus issue.
  • Commercial Bank of Iraq (BCOI) resumed trading on Aug. 22, 2017 after discussing and approving 2015 annual financial results and deciding to distribute 2.6% cash dividend (IQD0.026 dividend per share, 5.9% dividend yield).
  • Iraqi for Tufted Carpets (IITC) resumed trading on Aug. 22, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 50% cash dividend (IQD0.50 dividend per share, 6.5% dividend yield).
  • Original shares of Iraqi for Seed Production (AISP) resumed trading on Aug.20, after approving 2016 annual financial results, increasing the capital from IQD7.5bn to IQD10.5bn through 40% bonus issue and deciding to distribute 40% cash dividend (IQD0.40 dividend per share, 5.6% dividend yield).
  • Al-Waeel for Money Transfer (MTWA) was delisted from trading starting Aug. 21, 2017 according to ISC and ISX board of governors’ decision.
  • The Company Registrar canceled International Islamic Bank’s (BINT) 150% rights issue to increase the capital to IQD250bn, because the bank did not comply with Article 42 of companies’ law. (Article 42: Subscription period is no less than 30 days and does not exceed 60 days. If the period ended and the subscription did not reach 75% of the nominal capital, the period can be extended no more than 60 days, as long as the founders re-advertise the subscription extension period.)

Iraq Stock Market Report

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Note: ISX will be closed starting from Sep. 1, 2017 to Sep. 5, 2017 due to the religious holiday of Eid Al-Adha. The next session will be held on Wednesday (Sep. 6, 2017).

Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 17th Aug 2017).

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

The RSISX index ended the week at IQD784 (-0.7%) / $805 (-0.3%) (weekly change) (-18.3% and -15.0% YTD change, respectively). The number of week traded shares was 39.2bn and the weekly trading volume was IQD34.8bn ($27.4mn).

ISX Company Announcements

  • Al-Zawraa for Financial Investment (VZAF) will hold AGM* on Sept. 17, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of VZAF starting Sept. 12, 2017.
  • Original shares of Iraqi for Seed Production (AISP) will resume trading on Aug. 20, 2017 after approving 2016 annual financial results, increasing the capital from IQD7.5bn to IQD10.5bn through 40% bonus issue and deciding to distribute 40% cash dividend (IQD0.40 dividend per share, 5.6% dividend yield).
  • Ahliya for Insurance (NAHF) will hold AGM* on Aug. 28, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of NAHF starting Aug. 23, 2017.
  • Al-Nobles for Money Transfer (MTNO) will hold AGM* on Aug. 24, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of MTNO starting Aug. 21, 2017.
  • Ashur Bank (BASH) postponed its AGM* to Aug. 16, 2017 due to not completing the quorum on Aug. 9, 2017.
  • Fallujah for Construction Materials (IFCM) disclosed that it rehabilitated their site and brought back some employees to work on daily basis starting Apr. 2017. The company is working on to publish its financial results starting 2013. The company stated that it generated IQD71.2mn profit in 2013, corresponding to a 61% y/y decline. The company resumed its operations starting Jul. 1, 2017 and it is now preparing to offer all its services. The company also contacted a number of companies for investment and financing of its operations.
  • Two cross transactions occurred on 24.75bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 13 and Aug. 14, 2017, which represent 9.9% of BAAI capital.
  • A cross transaction occurred on 5.5bn shares of Al-Noor for Money Transfer (MTNN) on Aug. 14, 2017, which represents 12.2% of MTNN capital. MTNN held AGM* on Aug. 17, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of MTNN starting Aug. 16, 2017.
  • A cross transaction occurred on 7.175bn shares of Al-Rabita Al-Maliya company (MTRA) on Aug. 16, 2017, which represents 7.2% of MTRA capital.
  • Iraqi Agricultural Products (AIRP) will hold AGM* on Aug. 21, 2017 to discuss and approve 2016 annual financial results and decide distributing 10% cash dividend (IQD0.10 dividend per share, 1.4% dividend yield). ISX suspended trading of AIRP starting on Aug. 16, 2017.
  • Mamoura Real-estate Investment (SMRI) disclosed the status of the subscription on the capital for the first 20 days. The subscription on the 2.88bn shares opened on Jul. 23, 2017. 2.56bn shares were subscribed and the remaining shares (0.32bn) are still available for subscription.
  • A number of shareholders submitted a complaint about United Bank (BUND) for the postponement of cash dividend distribution since 2014. According to the previous announcement, BUND will start distributing dividend from 2014 profit starting Oct. 1, 2017

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 10th Aug 2017).

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

The RSISX index ended the week at IQD790 (+1.5%) / $807 (+1.1%) (weekly change) (-17.7% and -14.8% YTD change, respectively). The number of week traded shares was 59.7bn and the weekly trading volume was IQD59.0bn ($46.6mn).

ISX Company Announcements

  • Iraqi Agricultural Products (AIRP) will hold AGM* on Aug. 21, 2017 to discuss and approve 2016 annual financial results and decide distributing 10% cash dividend (IQD0.10 dividend per share). ISX will suspend trading of AIRP starting Aug. 16, 2017.
  • Al-Ameen Insurance (NAME) will hold AGM* on Aug. 16, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD3.41bn to IQD3.75bn through 10% bonus issue. ISX will suspend trading of NAME starting Aug. 13, 2017.
  • Iraqi for Tufted Carpets (IITC) will hold AGM* on Aug. 14, 2017 to discuss and approve 2016 annual financial results and decide to distribute 30% cash dividend (IQD0.30 dividend per share, 3.9% dividend yield). ISX suspended trading of IITC starting on Aug. 9, 2017.
  • Three cross transactions occurred on 35.25bn shares of Al-Arabiya Islamic Bank (BAAI) on Aug. 6, Aug. 7 and Aug. 8, 2017, which represent 14.1% of BAAI capital.
  • A cross transaction occurred on 20.6bn shares of Zain Al-Iraq Islamic Bank for Investment (BZII) on Aug. 7, 2017, which represents 8.24% of BZII capital.
  • Al-Nukhba for General Trading (SNUC) will hold AGM* on Aug. 13, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of SNUC starting on Aug. 8, 2017.
  • Iraqi Islamic Bank (BIIB) will hold AGM* on Aug. 12, 2017 to discuss and approve 2016 annual financial results and rehabilitating the branches in dangerous areas by using IQD44.2mn from its expansion reserves. ISX suspended trading of BIIB starting on Aug. 8, 2017.
  • Ashur International Bank (BASH) held a GA on Aug. 9, 2017 to elect a BoD. The bank was suspended from trading starting on Aug. 6, 2017 for not publishing 2016 annual financial results.

Stock Market Review for July: Foreigners Selling, Locals Buying

By Ahmed Tabaqchali (pictured), CIO of Asia Frontier Capital (AFC) Iraq Fund.

Any opinions expressed are those of the author, and do not necessarily reflect the views of Iraq Business News.

The equity market, as measured by the RSISUSD index was down -4.4% for the month, recovering from lows of -10.0%, on further declining turnover.

The average daily turnover for July was about 10% lower than the average of the prior four months in which the market was declining.

The average turnover during the up months, i.e. November-February, was about 1.8 times the levels of those of the down months (chart below) lending support to the bottoming/recovery thesis following the -68% decline from the early 2014 peak to May 2016 bottom.

Foreign selling continued to weigh on the market, but locals tend to appreciate the true values of local assets especially at extreme valuations and, at least now, seem to have acted upon this.

Please click here to download Ahmed Tabaqchali’s full report.

Mr Tabaqchali is the CIO of the AFC Iraq Fund, and is an experienced capital markets professional with over 25 years’ experience in US and MENA markets.

His comments, opinions and analyses are personal views and are intended to be for informational purposes and general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any fund or security or to adopt any investment strategy. It does not constitute legal or tax or investment advice. The information provided in this material is compiled from sources that are believed to be reliable, but no guarantee is made of its correctness, is rendered as at publication date and may change without notice and it is not intended as a complete analysis of every material fact regarding Iraq, the region, market or investment.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 3rd Aug 2017).

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

The RSISX index ended the week at IQD778 (+1.8%) / $798 (+1.8%) (weekly change) (-18.9% and -15.7% YTD change, respectively). The number of week traded shares was 30.9bn and the weekly trading volume was IQD29.6bn ($23.4mn).

ISX Company Announcements

  • Al-Ameen Insurance (NAME) will hold AGM* on Aug. 16, 2017 to discuss and approve 2016 annual financial results and increasing the capital from IQD3.41bn to IQD3.75bn through 10% bonus issue. ISX will suspend trading of NAME starting Aug. 13, 2017.
  • Iraqi for Tufted Carpets (IITC) will hold AGM* on Aug. 14, 2017 to discuss and approve 2016 annual financial results and decide to distribute 30% cash dividend (IQD0.30 dividend per share). ISX will suspend trading of IITC starting Aug. 9, 2017.
  • Iraqi Islamic Bank (BIIB) will hold AGM* on Aug. 12, 2017 to discuss and approve 2016 annual financial results and rehabilitating the branches in dangerous areas by using IQD44.2mn from its expansion reserves. ISX will suspend trading of BIIB starting Aug. 8, 2017.
  • Two cross transactions occurred on 24.15bn shares of Al-Arabiya Islamic Bank (BAAI) Aug. 1 and Aug. 2, 2017, which represent 9.7% of BAAI capital.
  • Commercial Bank of Iraq (BCOI) will hold AGM* on Aug. 8, 2017 to discuss and approve 2015 annual financial results and distribute 2.6% cash dividend (IQD0.026 dividend per share, 5.9% dividend yield). ISX suspended trading of BCOI starting Aug. 3, 2017.
  • Bain Al-Nahrain Investment (VMES) resumed trading on Aug. 3, 2017 after fulfilling ISC disclosure requirements and publishing 1Q17 financial results.
  • ISX will suspend trading of the following companies starting Aug. 6, 2017 for not fulfilling ISC disclosure requirements and publishing 2016 annual financial results: BIME, BMFI, BNOR, BUOI, BASH, BINT, HMAN, HBAG, HPAL, IICM, IELI, IKLV, SKTA, SILT, SIGT, MTNN and IKHC. (IMCM, IHFI, IFCM, SMOF and IKHC, which are located in dangerous zones, must make a disclosure of the general conditions of the company to resume trading.)
  • Asiacell (TASC) announced that it started paying 25% cash dividend (IQD0.25 dividend per share, 3.7% dividend yield) from 2015 profit starting  Aug. 1, 2017. TASC requested an authorization letter from clients for brokerage firms to receive the cash dividend.
  • National Islamic Bank (BNAI) held AGM* on Aug. 3, 2017 to discuss and approve 2016 annual financial results. ISX suspended trading of BNAI starting Jul. 31, 2017.

Iraq Stock Market Report

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Rabee Securities Iraq Stock Exchange (ISX) market report (week ending: 27th July 2017).

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

The RSISX index ended the week at IQD764 (+2.1%) / $784 (+2.1%) (weekly change) (-20.4% and -17.2% YTD change, respectively). The number of week traded shares was 25.6bn and the weekly trading volume was IQD20.4bn ($16.1mn).

ISX Company Announcements

  • Iraqi Islamic Bank (BIIB) will hold AGM* on Aug. 12, 2017 to discuss and approve 2016 annual financial results and rehabilitating the branches in dangerous areas by using IQD44.2mn from its expansion reserves. ISX will suspend trading of BIIB starting on Aug. 8, 2017.
  • Commercial Bank of Iraq (BCOI) will hold AGM* on Aug. 8, 2017 to discuss and approve 2015 annual financial results and distribute 2.6% cash dividend (IQD0.026 dividend per share). ISX will suspend trading of BCOI starting on Aug. 3, 2017. BCOI disclosed change in major shareholder’s ownership percentage after Ahli Bank of Bahrain acquired 25.7bn shares, corresponding to 10.3% share at BCOI.
  • National Islamic Bank (BNAI) will hold AGM* on Aug. 3, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of BNAI starting on Jul. 31, 2017.
  • Al-Nukhba for General Trading (SNUC) will hold AGM* on Aug. 13, 2017 to discuss and approve 2016 annual financial results. ISX will suspend trading of SNUC starting on Aug. 8, 2017.
  • Iraqi for Seed Production (AISP) will hold AGM* on Aug. 15, 2017 to discuss and approve 2016 annual financial results, increasing its capital from IQD7.5bn to IQD11.25bn through 50% bonus issue and distributing 28.2% cash dividend (IQD0.282 dividend per share). ISX will suspend trading of AISP starting on Aug. 10, 2017.
  • Iraqi for General Transportation (SIGT) resumed trading on Jul. 27, 2017 after fulfilling ISC disclosure requirements and publishing 2014 and 2015 annual financial results.
  • Iraqi Land Transport (SILT) resumed trading on Jul. 27, 2017 after fulfilling ISC disclosure requirements and publishing 3M17 financial statements.
  • Baghdad Soft Drinks (IBSD) resumed trading on Jul. 25, 2017 after discussing and approving 2016 annual financial results and deciding to distribute 10% cash dividend (IQD0.10 dividend per share, 4.4% dividend yield).
  • United Bank (BUND) will start distributing 2% cash dividend (IQD0.02 dividend per share, 4.8% dividend yield) from 2014 profit starting on Oct. 1, 2017.
  • A cross transaction occurred on 4.9bn shares of Iraqi Middle East Investment Bank (BIME) on Jul. 24, 2017, which represents 2.0% of BIME capital.
  • A cross transaction occurred on 13.0bn shares of Al-Arabiya Islamic Bank (BAAI) on Jul. 24, 2017, which represents 5.2% of BAAI capital.
  • ISX disclosed on Jul. 24, 2017 that it will suspend auctioning the 18.946bn shares of United Bank (BUND) owned by Sarbast Bayiz Abbas Ako for the payment of debt to Trans Bank of Iraq (TBI) as requested by Bada’a Court/Erbil until the case is settled.