Tuesday, 17 June 2008
Iraqi stock exchange addresses late filling companies.
The Iraqi stock exchange is getting tougth on its listed companies. The exchange, shown above with traders writing prices on white boards using marker pens, still trades. That said, hours are limited to two-and-a-half hours, three days a week. In the last few years liquidity has increased by more than 250%. Unfortunately, fewer than a third of the 100 companies quoted are actively traded. The Board of Governors of the exchange have just decided to give the many companies that have failed to file accounts an extension. What it calls 'uncommitted contributing companies' are going to get two additional months to submit their final accounts. Thereafter, a fine of one million dinars for each month of delay will apply.