Al-Khatem, Zain's JSC in Iraq, holds first AGM - Bader Al-Kharafi appointed MD [Kuwait Times]
(Kuwait Times Via Acquire Media NewsEdge) Bader Al-Kharafi BAGHDAD: Zain Group announces that its newly-established Joint Stock Company (JSC) in Iraq, 'Al-Khatem Company for Telecommunications', held its first Annual General Meeting (AGM) with over 99 percent of shareholders attending. The AGM resulted in the voting in of seven board members and seven alternate board members. A subsequent meeting of Al- Khatem's Board took place and saw the election of Mohammed Charchafchi as Chairman of the Board, Asaad Al-Banwan as Deputy Chairman. Bader Al-Kharafi was appointed Managing Director. Commenting on this historic milestone, Al-Kharafi, Managing Director of Al-Khatem who is also a Member of the Board of Directors of Zain Group said, "Since entering the Iraqi market a decade ago in 2003, Zain Group has invested over $4.5 billion to the development of the country's telecommunications industry, offering Iraqis reliable mobile telephony services." Furthermore, "Zain Iraq aims to fulfill its requirement to become a listed company on the ISX in the first half of 2014, providing investors the opportunity to invest in the telecommunications sector and benefit from the future growth potential of Zain Iraq." He added, "Zain Group will continue to support the local management team whose solid track record is marked by continuing revenue growth and improving profitability over the years, maintaining Zain's undisputed market leadership in Iraq," concluded Al- Kharafi. On his part, Wael Ghanayem, Chief Financial and Operating Officer of Zain Iraq said, "The accomplishment of converting the Zain Iraq entity, previously domiciled outside the country, to an Iraqi Joint Stock Company called 'Al-Khatem', and the holding of this AGM, are preparatory steps in order to list 'Al-Khatem' on the Iraqi Stock Exchange (ISX), in accordance with the company's license conditions." Ghanayem further added, "The future is very promising for Zain Iraq, as the country's GDP growth rate of 9 percent is one of the highest in the region, and considering that the population is very young coupled with a relatively low penetration rate below the region's average and the expected roll-out of 3G high speed data services in the near future, bodes well for the company and its stakeholders". To support its ongoing efforts in raising awareness for the upcoming IPO, Zain Group and Zain Iraq senior management teams will be holding an investor conference on September 12, 2013 in Dubai that will be attended by an estimated 100 Iraqi, regional and global investors and financial investment professionals. The objective of the event is to give an in-depth view into Zain Iraq's business and strategy, as well as an update on the IPO process. Zain Iraq is part of the Zain Group, a leading telecommunications operator across the Middle East and Africa providing mobile voice and data services to over 44.4 million active customers as of 30 June, 2013 Login All rights reserved.
(c) 2013 Kuwait Times Newspaper Provided by Syndigate.info an Albawaba.com company
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