July 28, 2022
There has been a lot of talk of a rate change of the dinar. Some are saying it is a done deal and we are waiting on the announcement of a rate.
There is no confirmation on this that I have been able to verify. I have asked our broker to respond whether this actually is the case. I have no idea if they will respond or if they can give us an actual answer. We will post something as soon as we hear it.
If this turns out to be true, we will suspend any further block purchases. We will keep you posted on this site. We don’t know if this true and whether or not they are simply raising the rate back to the 2020 price. Time will tell.
We have been given the opportunity to double our shares of IMAP at only 1 dinar per share. The current price of the IMAP shares are 1.80 per share. We will be selling approximately 250,000,000 BMNS shares to cover this purchase. While BMNS is down from where we made the purchase, it is still an excellent opportunity to increase our IMAP shares with this price structure. BMNS has been down for some time and not looking like there is much of an opportunity for a major increase in price, whereas IMAP has solid potential. We are gaining 80% on the purchase of these shares.
Andy, I also have heard those rumors of a new rate over the last 24 hours. I didn’t want to say much seeing that it is not 100% confirmed, but boy do I hope it is. We should know soon enough.
And that is good news regarding the discounted price paid for IMAP shares. Here is a question Andy, I remember at one point a while back you said you were going to look back into IBSD to see if they would ever open back up for investors to buy more shares. Did anything ever come of that regarding news if they ever plan to open back up to Woolard purchasing more shares to push it over the 49,634,629 shares?
THANKS IN ADVANCE!
Hello Andrew
I inquired about IBSD and BMNS dividends payment thru Al -Karmal Securities in early June of this this year. Here was their response: “This is the first time that BMNS do this process because as they argue don’t trust brokerage firm that may steal the client dividends, their GA meeting will held soon and they will discuss and complain about this matter to find a solution.
And about IBSD, the foreign investor can’t buy on it because the company exceed the limit of foreign shareholder (over than 49%) according to the ISC and ISX regulation.”
I opened a ISX account thru Warka Bank in 2012 and was actively trading until Warka Bank went into CBI receivership. My account was dormant for several years with Warka Bank and started purchasing blocks thru Woolard Enterprises. Andy spoke so highly of Al-Karmal that I contacted to see if they could help me with the Warka account. Although it took several months I was able to transfer the shares to Al-Karmal from Warka Bank and started traded directly with Al-Karmal.
Rudy, thank you for the information. Very informative and much appreciated. So to be clear…BMNS would already be paying out dividends BUT they don’t trust a brokerage firm because that firm may steal the clients dividends? That is crazy! I hope in this upcoming meeting that they are going to have that they can figure out a way to pay out dividends to WOOLARD ENTERPRISES because it is not fair to the clients. By now we should have possibly gotten dividends from BMNS and if so, Woolard could have re-invested that money by now back into purchasing more shares. I pray they find a solution and soon.
Regarding IBSD, I have heard what you have stated more than once about the 49% and that foreign investors cannot purchase more than that percentage…I was hoping other investors not associated with Woolard might have sold off shares so that Woolard could purchase more. BUT having said that, if my math is correct then maybe Woolard has already cornered that enter foreign share market since Woolard does have 49,634,629 shares invested already into IBSD. Either way I personally think there is huge potential with IBSD…why do I say this? Because everyone in the world loves to drink soft drinks…and especially in a heat filled place such as Iraq. Citizens need to quench their thirst haha.
I have heard rumblings that things possibly may get resolved with WARKA so that it is not so difficult anymore and things return back to somewhat normal. Hopefully that happens for those who have WARKA accounts.
Again, thank you for the information Rudy. Here’s hoping something happens in Iraq soon with a new exchange rate.
I have been told the same thing about both BMNS and IBSD. We have to roll with the punches and they are aware we want more IBSD. They will let me know as soon as we are able to buy more.
BMNS are stalling paying the dividends out. Their excuse is wholly baseless. Something more is going on. We will get those dividends eventually. We may consider dropping them altogether and invest elsewhere as the dividends would be so small anyway. TASC has been phenomenal from the beginning when I was with the other group and have always been there with the dividends and have paid one dinar per share for the past 3 years.