News & Reports News Year 2016 September 2016 Over $ 162m of state shares divested in Iran since March

Over $ 162m of state shares divested in Iran since March

Iranian Privatization Organization (IPO) transferred 5.760 trillion rials (about $162.34 million) worth of Iranian state-run shares to the private sector from the beginning of the present Iranian calendar year (March 20) to September 13, Tasnim News Agency reported on Tuesday. As reported, 1.987 trillion rials (about $56 million) of the mentioned shares have been offered to the private sector via Tehran Stock Exchange (TSE), 511 billion rials (about $14.4 million) via Iran's over-the-counter (OTC) market, known also as Iran Fara Bourse (IFB), and 3.262 trillion rilas (about $91.9 million) have been put into tender. Iranian state-run companies transferred 29.662 trillion rials (about $836 million) worth of their shares to the private sector in the past Iranian calendar year of 1394 (which ended on March 19), Tasnim News Agency reported in mid-April. The country transferred 47.738 trillion rials (about $1.345 billion) worth of shares of state-run companies to the private sector in the calendar year of 1393, reportedly. The Iranian government envisioned a large privatization program in the Fifth Five-Year National Development Plan (2010-2015), aiming to privatize about 20 percent of the state-owned firms each year. Under the present interpretation of the Article 44 of Iran's Constitution, hundreds of state-owned companies have been privatized. As Deputy Head of IPO Davoud Khani said in late April, IPO has been transferring shares of 140 Iranian state-run companies to the privates sector, and foreign investors are welcomed to make purchase if they wish to. Expressing content that implementation of the nuclear deal between Iran and the P5+1 has set a proper bed for IPO and domestic investors to enhance their levels of ties with foreign counterparts, the official admitted that in a bid to improve economic infrastructure and reinforce domestic private sector, his organization has provided foreign applicants for buying Iranian shares with a list of the governmental companies with available stakes for being transferred. Tehran Times

Last Updated (Wednesday, 14 September 2016 13:54)