Legal impediments delay the establishment of the first stock market in Basra
GMT Saturday, 17 2011 16:42 GMT Alsumaria News / Basra
The committee, establishing a market for securities of Basra on Saturday, that the legal obstacles that have delayed the establishment of the market, announced in its quest to coordinate with Iraqi companies from different provinces to put forward her name for trading in the market when it opens. Committee Chairman Karim Nasser Faris in an interview for "Alsumaria News", "the Committee is nearing the completion of all legal and administrative procedures relating to the establishment of market Basra Securities," noting that "the delay that has occurred due to collision of the project a lot of legal enactments of old."
He Persia that "the project could not be implemented unless there investors and listed companies and other mediators, such as banks and financial services companies, we are currently in the process of negotiation and coordination with these bodies in preparation for the opening of the market," he said, adding that "companies from different provinces hoped to put its name to the circulation in the market, which is the first of its kind in the province. "
The Knight that "the market is one of the infrastructure necessary to stimulate investment and develop the local economy, especially that Basra needs to securities market by virtue of their economic importance," noting that "the shares will be traded in the market during the first phase expected to be worth a total of five billions of dollars. "
The Chairman of the Founding Committee that "the market will be based in the area Albradaah (about 4 km south of the city of Basra), is equipped site with the same modern techniques to view and analyze data," adding that "the building will be occupied by the market, identical in size and design and furniture to the specifications adopted by the international stock markets. "
The market of Basra to the Securities will be linked after the opening of market, Iraq Stock Exchange in Baghdad, which was founded in June of 2004, and was following a manual trading prior to the adoption of electronic trading in part in the April 19, 2009, and then fully in the year 2010, and traded in the market, dozens of companies specialized in sectors including banking, industry, hotels, tourism, agriculture, and the number of sessions the market in 2010.236 session, during which traded more than 256 billion shares worth more than $ 339 million through the implementation of 71 thousand contract, and in 2009 the number of 152 meetings of the market session, which was trading around 211 billion shares worth $ 307 million through the implementation of 49 thousand a decade.
In the opinion of specialists and experts in the field of economics that the draft establishing a market for Basra Securities will collide with a big problem is the low number of companies from both the mixed and private sectors, and assert that the solution to the problem requires making governmental decisions require subjecting some public sector companies for privatization and sell shares for trading.
Referred to the province of Basra, about 590 km south of Baghdad, is of great economic, and aspiring local government to make economic capital of Iraq as comprising five of the largest seven oil fields in the country, and there are four commercial ports are the Umm Qasr and Khor Al-Zubair and Abu Flus The stronghold, in addition to a number of large industrial plants such as iron and steel plants, petrochemical and paper industries, chemical fertilizers, and to maintain two active implementers Prien Shalamjah with Iran and Safwan with Kuwait and Saudi Arabia is bordered by land from the northwest.
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