Iraq has been a very major market for AWB, and a profitable market. AWB will now have to find alternative markets for its grain.

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I am not sure they are ready for that at this stage of their transformation. I would like them to say they are going to focus on the food and liquor business.

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All in all it is a reasonably good story. The whole appliances, computers, electrical segment has been pretty resilient, and the franchise model they have got is a pretty robust one.

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