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The Iraqi market launches a platform for trading shares of undisclosed joint-stock companies
Economie Today, 19:52
Today, Wednesday, the Iraqi
Stock Exchange announced the launch of a platform for trading shares of undisclosed joint stock companies.
The Executive Director of the market, Ahmed Abdel Salam, said in a statement received by the Iraqi News Agency (INA), that "it was decided to develop and launch (a platform for trading shares of undisclosed joint-stock companies), starting from the session next Sunday, the third of July," noting that
"This came in accordance with Legislative Order No. 74 of 2004 and the instructions and rules issued by the Securities Commission and the Iraq Stock Exchange. He added,
"The platform aims to protect the rights of shareholders in joint stock companies listed on the Iraq Stock Exchange, attract potential investors, and activate trading in securities," explaining that
"the rate of change in the session will be 5%, up and down from the previous closing price of the stock, and the price will be left by 50% change from the last closing price of the stock in the first trading session on the platform. He stated that
"trading on this platform will take place for companies that the Securities Commission had previously decided to suspend from trading because they did not provide the required disclosures, which are
(Electronic Industries Company,
Light Industries Company,
Al Badia Public Transport Company,
Modern Construction Materials Industry Company, and the
Iraqi Transport Company).
Al Berri, Babel Bank Company,
Al Batik Financial Investments Company,
Modern Animal Production Company,
Al Shamal Bank Company,
Al Khair Financial Investment Company and the
Iraqi Company for the Transport of Oil Products). He added that
"the authority is the one who decides in the future to include any company in trading on this platform," calling
"the aforementioned companies to commit to providing the minimum disclosure (a report on the company's status from the date of submitting the last financial statements to date / lawsuits / seizure and mortgage / any events). material impact on the company's activity). And he indicated that
"the experience and mechanisms will be evaluated after three months from the start of the implementation and benefit from the observations indicated on it according to an evaluation and efficiency examination form," explaining that
"the Securities and Exchange Commission and the Iraq Stock Exchange decided to increase the rate of price change from 10% to 15% starting from 3 /7/2022, for the companies listed therein, in order to activate trading on the regular trading platform. He stated that
"based on the principles of the work of the securities commissions and stock exchanges and the principles of the International Federation of Authorities, we stress that the potential shareholder and investor - the responsibility of buying and selling shares on the shares listed on the undisclosed companies platform - based on his investment decisions, and that
the brokerage companies install a note in The authorization to buy and sell and in the investor agreement includes the phrase informing the shareholder and investor of the above and acknowledging that he bears any risks that may appear later due to lack of information and data - lack of disclosure - for the companies participating in this platform.
The Iraqi market launches a platform for trading shares of undisclosed joint-stock companies
Economie Today, 19:52
Today, Wednesday, the Iraqi
Stock Exchange announced the launch of a platform for trading shares of undisclosed joint stock companies.
The Executive Director of the market, Ahmed Abdel Salam, said in a statement received by the Iraqi News Agency (INA), that "it was decided to develop and launch (a platform for trading shares of undisclosed joint-stock companies), starting from the session next Sunday, the third of July," noting that
"This came in accordance with Legislative Order No. 74 of 2004 and the instructions and rules issued by the Securities Commission and the Iraq Stock Exchange. He added,
"The platform aims to protect the rights of shareholders in joint stock companies listed on the Iraq Stock Exchange, attract potential investors, and activate trading in securities," explaining that
"the rate of change in the session will be 5%, up and down from the previous closing price of the stock, and the price will be left by 50% change from the last closing price of the stock in the first trading session on the platform. He stated that
"trading on this platform will take place for companies that the Securities Commission had previously decided to suspend from trading because they did not provide the required disclosures, which are
(Electronic Industries Company,
Light Industries Company,
Al Badia Public Transport Company,
Modern Construction Materials Industry Company, and the
Iraqi Transport Company).
Al Berri, Babel Bank Company,
Al Batik Financial Investments Company,
Modern Animal Production Company,
Al Shamal Bank Company,
Al Khair Financial Investment Company and the
Iraqi Company for the Transport of Oil Products). He added that
"the authority is the one who decides in the future to include any company in trading on this platform," calling
"the aforementioned companies to commit to providing the minimum disclosure (a report on the company's status from the date of submitting the last financial statements to date / lawsuits / seizure and mortgage / any events). material impact on the company's activity). And he indicated that
"the experience and mechanisms will be evaluated after three months from the start of the implementation and benefit from the observations indicated on it according to an evaluation and efficiency examination form," explaining that
"the Securities and Exchange Commission and the Iraq Stock Exchange decided to increase the rate of price change from 10% to 15% starting from 3 /7/2022, for the companies listed therein, in order to activate trading on the regular trading platform. He stated that
"based on the principles of the work of the securities commissions and stock exchanges and the principles of the International Federation of Authorities, we stress that the potential shareholder and investor - the responsibility of buying and selling shares on the shares listed on the undisclosed companies platform - based on his investment decisions, and that
the brokerage companies install a note in The authorization to buy and sell and in the investor agreement includes the phrase informing the shareholder and investor of the above and acknowledging that he bears any risks that may appear later due to lack of information and data - lack of disclosure - for the companies participating in this platform.
