Iran to divest over $600 million worth of state-owned shares by Sept. 21

Business Materials 16 September 2012 16:56 (UTC +04:00)

Azerbaijan, Baku, Sep.16/ Trend F.Milad/

Some 7.4 trillion rials ($603 million) worth of shares of Iranian state-run companies will be transferred to the private sector by the end of the first half of the current calendar (September 21), the Iranian Privatization Organization's director stated.

Mohammad-Rahim Ahmadvand told a press conference that last year some 245 trillion rials ($20 billion) in state-owned shares were divested, the Mehr news agency reported.

Privatization of stat-run entities will be accelerated in the current year. Iran has privatized up to 500 companies during the last six years.

The Government envisioned a large privatization program in its 2010-15 five-year plan aiming to privatize some 20 percent of state-owned firms each year.

The authorities have adopted a comprehensive strategy as reflected in their 20-Year Outlook Plan and the 5th Five-Year Development Plan to ensure the implementation of market-based reforms.