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Mobile phone company Zain Iraq announced that it will put 25% of its shares on the Iraqi stock market, less than three weeks after its rival Asiacell placed a portion of its shares on the same market. Observers claim that these offerings represent a qualitative shift of how business will be done on the Baghdad Stock Exchange.
The two companies are in a heated competition to dominate the Iraqi market, with Zain Iraq claiming that at the time of its public offering its subscribers totaled 14 million, while Asiacell claims to have 10 million.
