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17/08/2011 17/08/2011
Executive Director of the stock market (morning)
BAGHDAD - Yasser Mutawalli
. The Executive Director of the Iraqi market for securities that the capital market in Iraq needs to develop and leading to activation of the role of the Iraqi Stock Exchange in achieving development goals Alaguetsidih reviewing the evolution of the market.
Said Taha Ahmed Abdul Salam (morning): since June 2004 opened the market activities organized sessions Securities - Trading in shares of listed Iraqi companies to contribute to it - which represents the property rights of the founders and shareholders involved in the company's capital contribution. المدرجة فيه يتحقق الآتي: It is through the stock market and listed companies achieved the following:
". He added that the "made in this area has focused on expanding the base of ownership of the shareholders of Iraqis in the capital of joint stock companies - each according to its contribution - and thus guide the investments of individual scattered in the trends of investment and a broad and large and organizations serving the development plans and economic growth, especially in the economy requires large investments for the purpose of building building ahead of Iraq's newly-such as economics, in addition to the separation of capital management and realize the benefits of good governance, known idiomatically governance. "
. He noted that the market for securities Iraq had sought to regulate the trading mechanisms to be able to manage the development of the capital structure of the Iraqi economy through the proposal instructions and rules of activity and investment in the stock market to be in accordance with the global indicators and thus attract investments are domestic and international, and the use of mechanisms and applications of electronic trading and central depository and the expansion of technical and administrative abilities to be able to regulate the trading companies that attract investment on the one hand and encouraging the establishment of joint stock companies on the other hand.
. He explained that the other applications related to the interpretation and development of the Companies Act No. 21 and the Capital Market Law which has been issued so far specific for the start of the capital market in accordance with the concepts that we seek in particular, and it is not given to the private sector the space required, like countries and growing economies in the world.
. According to Abdel-Salam in the case that if the identified articles 55 and 56 of the Companies Act mechanisms subscription to the capital increase has been granted shareholder in the company to contribute to preference in the subscription term of 15 days of the subscription period of 30 days, and gave the opportunity for subscribers of the public the remaining period of 15 days in the event not cover the full subscription by the shareholders in the first period.
. If the law has given this right to non-shareholders not worth Bmvsr law and working on applications to treat the shareholder treatment of the public to increase its share and compete for leftovers remaining non-subscribed by some shareholders as part of this audience?, As if the instructions and rules is absent from the organization mechanism that the company offering the shares in the Iraqi market for securities when not fully cover the subscription.
. He hinted that the Companies Act addressed in Article 56 IV placed posts in the Iraqi banking sector with non-Iraqi, but he was not given the same opportunity for the sector companies, industrial and hotel sector and the least need for such posts with the survival of the identity of the industrial company or Alinvdeghih Iraq.
. The method involved the strategy or what is known to increase the capital-style version will bring many advantages to existing shareholders to increase their participation in the capital as he would investigate the company's advantages of the benefits of development and experience gained from the partner strategic, as happened in the Iraqi private banks such as Dar es Salaam, credit and Baghdad and trade, although it was achieved without the involvement of the Iraqi market for securities in the implementation of mechanisms and we believe that error is unlikely, because the Iraqi market is the best place is the calculation of the fair price of the shares in a manner the version in addition to other indicators.
Privatization . "It may seem privatization Privatization subject mystery to many and often use the developing concepts and conventions more realistic called Corporatization and which are intended to transform the public sector companies to joint stock companies contribute to the local investors as well as international investors," and this step you need to legislation provisions and clear to ensure the relationship between the amount of capital in the company to contribute and the type of administration and the size of the national and international representation.
In order to ensure the rights of local investors and through the experiences of countries that preceded us in this regard needs of the Iraqi economy to the strength of institutional governing investment in the two phases of marketing and trading - the stage of purchase of shares in the IPO and post-trading market for securities Iraq - and perhaps the best representation possible that we make in this context is to establish a National Investment funds in which investments mature small local investors and the contributions of the mixed sector
. As for expansion of financial instruments have mistaken other when considering the framework of the lack of liquidity for investment, and the fact that the opposite is true that the shortage and the weakness of investment patterns available or what we call the weak financial instruments, limited to sectors of the dominant is the most important causes of the limited volume of trading in the stock market Iraq.
. He believes that the technical measures capable of in the organization of the capital market through the non-stop trading in shares of joint stock company listed on the stock exchange only in a single day is the day of the General Assembly meeting, and that any decisions will be processed mechanisms of electronic trading, especially when there is a distribution of profits and that the deal stocks the new after the capital increase transaction that accept the new versions in the listing.
. And thus will be 100 percent stock liquidity and thus doubling the investment in the stock market indicators, especially if we learned that the subscription periods in the range of capital at a minimum of between one to four months remain in which the shareholder and investor deprived of circulation and thus under-investment in the stock market.
. And requiring companies to contribute to the listing on the Stock Exchange, after achieving the requirements of the listing, as it is still small shareholders in many companies denied deliberately take advantage of the benefits of listing and trading due to control of the founding the GRIP rate of more than 50 percent of the capital and to maintain the company's shares outside the stock exchange , and therefore not to be the financial indicators of the company but control even in the stock price and purchase orders and Sell in and forcing shareholders to accept, and the use of information and the media to publicize the pattern of investment in the Iraqi Stock Exchange - Iraq Stock Exchange - especially with the approach of the establishment of mobile phone companies, which will establish the private telecommunications sector in the form of joint stock companies for the first time in Iraq.
. It is no secret to a size of this sector and international financial indicators and the positive impact on the economy, which would leave Iraq when the involvement of Iraqi investors in the IPO shares of these companies.
He called on listed companies in the Iraqi market for securities that make all efforts for the purpose of the disclosure obligation to the criteria established by the Commission and which are universal definition for shareholders and investors willing to invest in their financial position real. . The ratio of companies listed fourth behind the model accounting practices in the legal context of the time granted to it. . It is time for the accounting departments of these companies and is not accountable to the company itself because the burdens they impose on the company borne by the shareholder without defaulting departments.