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by Rocky Fri 03 Jun 2016, 5:22 pm
Basra Businesses Unite for New Ventures, New Bank
By John Lee.The Basra branch of the
Iraqi Businessmen’s Association has announced the founding of the largest joint-stock company in the province.
The new firm will involve hundreds of businesses in a variety of ventures, including construction, tourism, and setting up its own bank.
Sabih Habib al-Hashemi, the head of the Association, said that at least 500 businessmen will participate, with an initial capital of more than 100 billion Iraqi dinars ($85 million), increasing to 250 billion dinars.
Shares will be offered via an IPO.
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