NICICO to cede shares

Business Materials 16 June 2010 12:45 (UTC +04:00)

A 1-percent block of shares of the National Iranian Copper Industries Company will be offered on the stock market tomorrow.

The block of shares equals 57,896,446 shares with 7908 rials (some $0.7) as base price, the Islamic Republic of Iran News Network reported.

According to Iran's Fourth Five-Year Economic Development Plan (2005-2010), the IPO, affiliated to the Ministry of Economic Affairs and Finance, is in charge of setting prices and offering shares to the general public and on the stock market.

In 2007, Supreme Leader Ayatollah Ali Khamenei ordered that government officials speed up implementation of the policies outlined in the amendment of Article 44, and move towards economic privatization.