GIH holds seminar on IHC listing
KUWAIT CITY: Global Investment House Saturday announced the listing of Iraq Holding Company (IHC) starting from Monday at a seminar held at Kuwait Stock Exchange (KSE). The listing will make IHC the 157th company to go public in Kuwait. Talking about the mission of new company, its chairman Mohammed Al Naki, said the company is to partner with Iraqi companies in creating and capitalizing on opportunities of mutual benefit in various sectors such as banking, insurance, cement industries, logistics, telecommunication, consumer and housing finance, private education, healthcare and entertainment among others. "IHC owns 24 percent of Bank of Baghdad, the country's second largest private bank, and has also acquired a significant stake in a major local private Iraqi listed insurance company, Al Ameen Insurance Company."
With the company seeking stakes in the violence-ridden neighboring state, attendees expressed concern over the returns, to which Al Naki responded with a very positive outlook of the country's future. Iraq, he said, has immense opportunities in the educational, healthcare and religious tourism sectors. IHC's objective, said Hussain Helmi, Finance and Admin Manager, is to partner with Iraqi entities in creating and capitalizing on opportunities of mutual benefit. The company has undergone a capital increase in June 2003 through the issuance of 595 million shares with a capital of KD 60 million. The paid up capital of the company is KD 12.4 million. Omar M. El Quqa, Executive Vice President of Global, briefly spoke about his company's role in the listing of IHC on KSE, "which is a major step adding transparency and clarity to the newly listed stock, raising the traders' level of confidence in the security of the stock market."
"Global's listed companies hope to add more variety and investment options to the stock market t enhance and invigorate the capital market in the country, which his ripe for more listings," he added.
He pointed that the listing process and the accompanying regulations raise the transparency level of the listed security and, in effect, elevate the relationship among traders and security to international standards.
Al Naki thanked Global for managing the listing process "so professionally." A video presentation on IHC followed Al Naki's brief.
Financial Analyst at Global Mohammed Abdul Aziz spoke about investing in Iraq and IHC's financial status. He said that despite all the recent political and economic developments, IHC acquired a major share in the Bank of Baghdad and Al Ameen Insurance Company. "The company manages $2 million portfolio comprised of companies listed in Iraq Stock Exchange." In conclusion El Quqa said that the new company's symbol on the ticker will be Iraq Hold. He thanked the Ministry of Commerce and Industry and the KSE for their cooperation in making the listing process a success." Global adds: At the beginning, El-Quqa spoke briefly about the company's history and the nature of its work, then he addressed Global's role in listing IHC on KSE, which it perceives as a major step that adds transparency and clarity to the newly listed stock, raising the traders' level of confidence in the security and the stock market. "Global and the listed companies hope to add more variety and investment options to the stocks market to enhance and invigorate the capital market in the country, which is ripe for more listings," he followed.
He pointed that the listing process and the accompanying regulations raise the transparency level of the listed security and, in effect, elevate the relationship between the stock traders and security to international standards. Mohammed Abdulaziz of Global spoke about investing in Iraq and IHC's financial statues. He said that despite all the recent political and economical developments. IHC acquired a major share in the Bank of Baghdad and Al Ameen Insurance Company. The company manages a $2 million portfolio comprised of companies listed in Iraq Stock Exchange. IHC was incorporated in 1998. In 2003, the Company raised the authorized capital to KD 60 million. IHC's objective is to partner with Iraqi entities in creating and capitalizing on opportunities of mutual benefit. The company has undergone a capital increase in June 2003 through the issuance of 595 million share, to reach 600 million shares with a capital of KD 60 million. The paid up capital the company is KD 12.4 million.
By Valiya S. Sajjad
© Arab Times 2005
