Zain said that it faces a “big challenge” in meeting a requirement to list its Iraq subsidiary on the local stock exchange by the end of August 2011, Reuters reports. It was suggested that it will also float less than the regulator-mandated 25 percent. A number of concerns have previously been expressed about the issue, including the fact that shares will be offered by three operators at the same time (Asiacell and Korek Telecom have the same deadline), and that the sale process will cross the Ramadan period, which could lead to delays.