Iraq's Ashur Bank to List on Dubai Bourse

AMMAN (Zawya Dow Jones)--Baghdad-based Ashur International Bank for Investment has submitted a request to the Iraq Securities Commission in order to enlist in Dubai Financial Market, or DFM, the Bank said in a statement Tuesday.

The bank, which is also listed on the Iraq Stock Exchange in Baghdad, needs to get approval from the Iraq Securities Commission before it can be listed on the DFM.

The statement said that the new listing is part of the bank's strategy to expand and boost regional and international presence.

"The listing of Ashur International Bank's shares in Dubai stock market will provide investors in Dubai to acquire the bank's shares," the company said.

The bank, which operates three branches in Iraq - one in Baghdad, one in Erbil and one in Suleimaniya - is planning to open two new branches, one in the city of Tikrit 200 km north of Baghdad, and the other in Duhouk in the north of the country.

It also has three representative offices in Amman, Dubai and Damascus.

Ashur increased its capital recently by 100% to 50 billion Iraqi dinars ($42 million) from IQD25 billion. United Arab Emirates investors contributed in the increase, the bank said.

The bank's 2007 profit rose to IQD6.4 billion from IQD1.0 billion in 2006.

Iraqi lender has some 997 shareholders, it said.

http://www.zawya.com/Story.cfm/sidZW...20080715000136

Thanks seaview! Great news!

CROW wrote:Thanks seaview! Great news!

Did ya happen to see how much they traded last thursday ...WOW !! looks like alot of positioning going on ...??

steveISX wrote:Did ya happen to see how much they traded last thursday ...WOW !! looks like alot of positioning going on ...??

Why didn't the price move?

Seaview wrote:

steveISX wrote:Did ya happen to see how much they traded last thursday ...WOW !! looks like alot of positioning going on ...??

Why didn't the price move?

Well, the way things go in Iraq, people have a see it will believe it attitude, just because something is said it means little as we know.