####Abdul Razzaq al-Saadi: cash chunky block will enter the Iraqi market soon revive the economy

23/01/2013 09:12


He specializes on the importance of expanding capital markets in the inclusion of joint stock companies in the Iraqi market for securities because of this trend of big positives on the Iraqi economy, where to invest new money in the stock market as well as that part of it will employ to serve in the aspects of economy other investment, pointing to the importance of the initiative of companies on its shares in the local bourse.

The head of the Securities Commission d. Abdul Razzaq al-Saadi: The Iraqi Stock Exchange will witness a remarkable development during the year 2013 and for the inclusion of mobile phone companies in the market updated to Mttlaptha the transformation into joint-stock companies.

He added in an exclusive interview that the a large cash chunky block and frozen citizens will enter the Iraqi market and will work to achieve the goals of major development in the country through the creation of an investment environment that was their tools cash chunky block houses, noting that near the trading of shares of company Asiacell in the stock market early February after completion listing requirements contained converted into joint-stock companies

And on the question about the relationship of the Iraqi market Arab and international markets Saadi said: that Iraq's past in trying to continue membership in the Union of Arab Securities Commissions also seeks to join the International Union for the bodies of the Securities and applicants belonging to him two years ago The model questionnaire containing 150 pages and is expected to be accepted this year.

Saadi pointed out that the importance of Iraq to get membership of the International Federation of being able to get an international credit rating because it still is a workbook and when you get a membership will be our papers internationally accepted financial and in accordance with international standards, suggesting that the conditions are not incapacitating but require switching private law bodies were also in Qatar and Kuwait, and those conditions to be chairman with high efficiency and to be linked to the head body top in power so that does not affect his decisions.

He explained that he had an active presence in the body meetings of the U.S. Securities last year, where he was Iraq's role within the five countries to speak at the meeting of 71 countries and this selection is a fantastic achievement for the recording of Iraq.

Saadi revealed that the year 2013 will witness the presence of 10 adherents of the Authority and the Iraqi market to attend the annual conference of the U.S. Securities Commission next April and this review will contribute to capacity building self to the delegation members and see the evolution in the global market activities .

Saadi went on to say that the year 2013 will witness a new phase in the activity of the Iraqi Stock Exchange, and the inclusion of mobile phone companies so as to enhance the possibilities of the national economy through the benefits achieved by the market in all beneficiary parties.

He said the company Asiacell has approached traded in the Iraqi market for securities and by 67 billion and 503 million shares, which represent 25 percent of the shares and the price of 22 dinars per share and completed all the requirements of Listing to a joint-stock company has been preparing for this trading through inter meetings organized by the concerned authorities in this regard.

He added that he is normal in such directions that permeated the interest on everyone from both Aoualemsahmin investors, funded profits realized by additional investments contribute to the progress of the economy and development. And said that the mass chunky cash will be available in the market and will contribute to raising the wheel of development.

And on the question of whether the two companies Zain and Cork Stdrjan said there are attempts to complete Mttlebatthma and hope quickly accomplished.

In a related development Sadi pointed out the importance that civil transformed banks into joint-stock companies to contribute to the other is in enhancing the status of the national economy, especially that there are ten banks are still not included.

Saadi called the central bank to need to urge banks to incorporate and especially there is a decision of the Economic Affairs Committee of the Cabinet in this regard.

He explained that the decision required banks not included in the Iraqi market for securities need to update the listing requirements because of the great importance in establishing the principle of disclosure and transparency in the banking business and the adoption of international standards in performance. Affairs Committee of the Council of Ministers has called for the Iraqi Central Bank to reconsider civil Ranked banks in accordance with the standards of disclosure, transparency and collaboration with the Securities Commission and the Association of Iraqi private banks.

Saadi called the relevant departments in providing the necessary facilities for companies wishing to convert to joint stock companies and then adopt steps Listing on the Stock Exchange and shares offered to investors through brokerage firms approved and defined by the Iraqi market for securities.



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