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Iranian carmaker Saipa to issue $122m in bonds

Business Materials 10 August 2012 12:07

Azerbaijan, Baku, Aug.10 / Trend F.Milad /

Iranian carmaker Saipa will start offering 1.5 trillion rials (some $122 million) in bonds as of Sunday in a bid to finance launching an assembly line in the city of Kashan.

The 4-year paper will offer a 20-percent yield, the YJC News Agency reported. The nationwide branches of Parsian Bank will sell the bonds.

Iranian carmakers exported 21,985 cars during the first four months of the current calendar year, which began on March 20, the Mehr News Agency reported on Wednesday.

The value of the exported cars was $123 million. The cars were exported mainly to Iraq, Afghanistan, and Ukraine.

The Ministry of Industry, Mine and Trade of Iran will pay 10 trillion rials (some $815 million) to the two major carmakers to help them remove problems.

The ISNA News agency quoted Industry, Mine and Trade Minister Mehdi Ghazanfari as saying that the two carmakers (Iran Khodro and Saipa) are grappling with financial problems to pay their debts to domestic part-makers.

Iran's car output in the first four months of the current calendar year, which began on March 20, fell by 37.4 percent compared to the same period last year.

Iran plans to manufacture at least three million cars by 2025 and export some one million sets, the Fars News Agency quoted Ghazanfari as saying on June 16.

"Some 1.6 million cars were manufactured in the past calendar year and 55,000 cars were exported," Ghazanfari said.

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