Mobin consortium secures giant telecom deal
In a check dated November 8, Tose'e Etemad Mobin remitted the price of 20 percent of the shares ($1.5 billion) of the Telecommunication Company of Iran to Tehran Stock Exchange to make the deal effective.
The Mehr News Agency reported a 50-percent plus one share of the Telecommunication Company of Iran, worth 77.985 trillion rials (some $7.8 billion), was offered on the stock market on September 27 to Tose'e Etemad Mobin consortium.
This is the biggest bourse transaction made in the country.
Previously, the General Inspection Organization of Iran had cast doubts on the privatization of the Telecommunications Company of Iran (TCI), saying some uncertainties exist in the deal.
The GIO had prepared a report on the doubtful points and submitted to related bodies in the Article 44 Parliamentary Committee for further investigation, according to the Mehr News Agency.
Based upon Iran''s Constitution, the GIO is in-charge for regular controlling and supervising executive bodies, military and disciplinary forces, state-run institutions and companies, municipalities and their subsidiaries, public notary chambers, foundations of public utility, revolutionary organs, and institutions whose financial resources totally or partially belong to the government.
According to the Fourth Five-Year Economic Development Plan (2005-2010), the Privatization Organization of Iran affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and ceding shares to the general public and on the stock market.
In 2007, Supreme Leader Ayatollah Ali Khamenei requested that government officials speed up implementation of the policies outlined in the amendment of Article 44, and move towards privatization.