Union of Entrepreneurs declares near the founding of the largest joint - stock company in Basra

2016-06-02 18:43:40 | (Voice of Iraq) - Basra

Declared the Iraqi Businessmen Union in Basra, on Thursday, he began the first steps of the founding of the largest joint - stock company in the province hundreds of business involving, among the company was going to open its own bank.

Said President of the Union Sabih Habib al - Hashemi said that "at least 500 men optical work mostly have only regional decided to participate in the establishment (United Basra company) which will be the largest joint - stock company in the province , " noting that " the capital of the company at its founding will not least 100 billion dinars, and when capital rises to 250 billion dinars will create a bank that cares about the financial transactions of the company. "

He Hashemi that " the establishment of the company action at an advanced stage, and when the shares put up for sale during the IPO meeting of the year will be the business participants to the project to buy the most part, and the remainder will be available for those who wish of the people of Basra , " he said , adding that " the company does not define itself in the business sector certain, but will be strongly active in various sectors, including construction and the building industry and tourism, where it plans to implement a package of investment projects, in addition to the implementation of projects contracted with the local government in the province. "

The Basra includes thousands of local companies, and the majority of the owners of these companies are members of the Union of Entrepreneurs, and the proportion of not a few of those specialized companies in the Construction contracting business, most of which have gained over the past years , the reputation is not good due to the poor majority of government projects implemented by local companies.

It is said that all public service projects that were in progress were interrupted with the exception of two or three projects , including a project to build a bridge of Martyr Mohammed Baqir al - Sadr on the Shatt al - Arab , which is implemented by the company (Mick) Italian, as the federal government did not agree to the implementation of new projects in the province during the the first half of this year because of the financial hardship caused by falling oil prices, and therefore the local government is trying to implement service projects necessary payment on credit format.