2-15-11 Translation of PDF - Postpone the opening of trading on the shares of Company Bank of the Middle East to the meeting Tuesday, 02/15/2011

Highlights/Thoughts


Update 2-16-11:
Kaperoni had his friend translate the article, and this is what he sent back to Kap:

Hey Kap,
 

I did look at the Stock Exchange PDF and I think all these translations are a bit off. To me, what I understood is that whatever company or bank this is that was supposed to be listed on the stock exchange, they had a delay because of deciding how much they were going to charge per share of stock in the company/bank. They said that they would be charging 1,070 Dinars per share (which just happens to be close to the current exchange rate per $1 US Dollar) and that they expect that the stock price would change up to 50%, depending on the exchange rate of the Iraqi Dinar, which they expect to go up. Even in Arabic, the way it was worded was weird and so this is what I got from it, that they were using the Iraqi Dinar exchange rate as a basis for deterring their stock price and that they would adjust the stock price depending on any changes in the rate of the Iraqi Dinar. Sounds positive, but I don't think this is directly linked to the RV per say. But maybe they know something we don't and that they know that the Dinar's exchange rate will be changing soon. Just a guess on my part, but certainly possible.

 

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Vintage sent me the email just below the line.  The url includes a link to a PDF, which Vintage referenced.  Thanks to Daniel, the PDF was translated by Peter and Grace.  Here is Daniel's reply to me in the email that he sent which contains the translations:

What I don't see are the pairings. They are stating a starting rate and meeting, but not saying the rate compared to a currency. Is it assumed to be against US dollars? Is it against Kuwait? Euro? It just doesn't say. However, it does say that the meeting is happening today. So that is good news. Also, on the bottom of the page, Grace told me that it included a list of "cc'd" agencies. Take this how you will, but on the inside of the GOI, this notice is semi-public because it was passed on to several agencies. 

Daniel raises excellent questions about the rate.  Nevertheless, it is interesting to see the Dinar expressed as a decimal number.  Furthermore, it is VERY interesting to see that a Middle East Iraqi currency exchange has been setup and has met with investors and brokers today.  What did they meet about?  The rate of the Dinar initially set at 1.070 with a change of up to 50%.  Given this is their first meeting, it's reasonable to expect that they are gearing up for trading the Dinar with investors.  Interesting.  Interesting timing too given what's happening in Iraq, the government formation, HCL, Kuwaiti files, etc.

Thank you Vintage, Daniel, Grace, and Peter!
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http://translate.google.com/translate?hl=en&sl=ar&tl=en&u=http%3A%2F%2Fisx-iq.net%2F


(Note: If you click on the url above, you will need to find the article with the title 'Postpone the opening of trading on the shares of Company Bank of the Middle East to the meeting Tuesday, 02/15/2011' and click on it.)

Hello.  I'm one of the many hopefuls out there and read your blog regularly.  I see many people mentioning February 15 as being an important date.  But, I've not seen anyone mention the included link postponing the Bank of the Middle East opening on the ISX.  I cannot translate the PDF, but perhaps one of the other readers can.  It may just be a coincidence, but those things seem to be watched closely.  I have no connections or anything like that.


Translations of the PDF:

Grace's Translation:

Gifting you our best regards. . .

This is to inform you that the first meeting/seating to discuss and negotiate the invested shares of the Middle East Iraqi currency excahnge will be now on Tuesday,, February 15, 2011 vs Sunday.  This is due to the need to complete the necessary proceedures  between the investors and the brokers at the main center of exhange.

Notice that the current rate is projected at  1.070 Dinar and in the first meeting, it will be decided that the rate will be increased by 50% from the projected rate; which will be higher.This increase will take place ONLY during the frst meeting

With appreciation

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Peter's Translation

Gifting you our best regards. . .

This is to inform you that the first meeting/seating to discuss and negotiate the invested shares of the Middle East Iraqi currency excahnge will be now on Tuesday,, February 15, 2011 vs Sunday.  This is due to the need to complete the necessary proceedures between the investors and the brokers at the main center of exhange.

Notice that the current rate is projected at 1.070 Dinar and A CHANGE OF UP TO 50% MAXIMUM COULD BE DECIDED UPPON IN THE FIRST MEETING ONLY.

With appreciation