Velti secured Zain Iraq contract - Zain had $369 mln profits in 2012 and worth of $5+ billions
I believe Velti has recently secured Zain Iraq contract - Zain had $369 mln profits in 2012 and worth of $5+ billions
Zain Iraq is in the final stages to convert into a shareholding company, Ghanayem said. The company’s profit climbed 6 percent in 2012 to $369 million and it expects “double-digit” growth this year, he said.
A successful IPO for Zain Iraq would increase the Iraq Stock Exchange’s market capitalization by at least $5 billion and make it a “difficult market for institutional investors to ignore,” Batt said.
The telecommunications industry in Iraq will continue to grow, albeit at a slower pace, after registering a rate of 12 percent last year compared with 17 percent in 2009, Ghanayem said. The mobile-phone penetration rate in Iraq is at about 80 percent compared with neighboring countries where it ranges from 90 percent to 130 percent, he said.
Zain Iraq has 50 percent market share after subscribers grew 10 percent to 13.7 million last year, Ghanayem said. The company plans to invest 15 percent of its 2013 revenue on expanding and modernizing its network, he added.
These Middle East deals is exactly what hurt them in the past because they take forever to pay. I thought they were moving away from these high DSO deals? makes no sense. They write off a boat load of receivables and then sign new deals in the same region?