Tehran, Iran, July 15
Trend:
Shares of two Iranian automakers remaining on bail need to be released before the process of privatization starts, said the head of Iranian Privatization Organization.
"The process of privatization and setting price for shares of Iran Khodro and SAIPA is currently not possible. The price and assignment date of 20 percent shares of two automakers will be announced after they are released from bail,” said Ali-Ashraf Abdollah Porihoseini, Trend reports citing ISNA.
The Iranian Privatization Organization is allowed to assign the shares of Iran Khodro and SIPA based on the Ministry of Economic Affairs and Finance recent approval. The government is expected to assign all its remaining shares in 18 companies including the two auto makers to private sector.
The list of companies comprises six oil refineries including Tehran Oil Refining Company, Lavan Oil Refinery Company, Tabriz Oil Refining Company, Shiraz Oil Refining Company, Bandar Abbas Oil Refining Company and Isfahan Oil Refining Company; three banks namely Saderat Bank, Mellat Bank and Tejarat Bank; and two insurance companies including Alborz Insurance Company and Amin reinsurance. Persian Gulf Petrochemical Industries Company, Iran National Copper Company, Mobarakeh Steel Company, Pars Organic Company and National Investment Company of Iran also will participate in the process of privatization.
The evaluated price for the shares of the 18 companies is estimated at $12 billion that is expected to be assigned in block share sale in cash at one offering.