Islamic republic fails to sell Iran Air shares

Business Materials 20 September 2011 18:54

Azerbaijan, Baku, Sept. 20/ Trend A.Gurbanova/

Iranian Privatization Organization placed around 50 percent of Iran Air shares valued $1.7 billion for sale. However, it remained unsold because of lack of customers, Fars News Agency reported.

Currently 70 percent of shares of company belongs to Islamic Republic aviation and 30 percent to equity shares.

Iran Air inventory is estimated at $3.5 billion and total shares of $1.7 billion were placed for sale in format of 195 million shares with the base value of $7.5 for each share.

Iran has no access to purchase plane's spare parts and advanced aviation technology because of US sanctions.

The country is not able to buy US-build planes or any air planes that US has a part in their production and even purchasing indirectly will causes problems.

Iran 's air lines recently purchase Russian products and other post soviet countries. Currently Iran planes have limited access to European countries.