Zain Iraq CEO Emad Makiya Steps Down Amid IPO Uncertainty

Wednesday, Aug 15, 2012

DUBAI (Zawya Dow Jones)--Zain Iraq, a subsidiary of Kuwait's Mobile Telecommunications Co. (ZAIN.KW), or Zain Group, said Wednesday that its chief executive officer is leaving the company, and the telco's chairman will take on the role on an interim basis.

Emad Makiya will step down with immediate effect, the company said in an emailed statement, but didn't give a reason for his departure. Zain Iraq's Chairman Mohammed Charchafchi will take over the role of acting CEO.

Mr. Makiya will remain as an adviser to Mr. Charchafchi in his new role, the statement added.

The company, which faces penalties for delaying its initial public offering--a key requirement under the 15-year licenses awarded to Iraq's mobile phone operators in 2007, said the IPO is a "real priority" for management as well as Zain Group.

"Today, Zain Iraq's management team is comprised of experienced local and regional telecom experts who can take the company to its next level, to promote further market growth, greater innovation and achieve a listing on the Iraq Stock Exchange," the statement said.

-By Nikhil Lohade, Dow Jones Newswires; +9714 446-1694; nikhil.lohade@dowjones.com; Twitter: @ZDJnews

(END) Dow Jones Newswires

15-08-12 1137GMT