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Major Iranian industrial company nearly closed

Business Materials 22 October 2019 18:25 (UTC +04:00)

TEHRAN, Iran, Oct.22

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Azarab Industries Company is facing disagreement between major shareholders, and the company has become almost inactive, said an official at Ministry of Cooperatives, Labor and Social Welfare Karim Yavari, Trend reports citing Mehr News Agency.

"Agriculture Bank owns 31 percent of the company's shares, 12 percent of belonged to an individual shareholder and the rest are possessed by workers. Agriculture Bank has three representatives in company's board members, and the individual shareholder has two representatives," the official said.

The company's major shareholders should resolve their disagreement. Azarab Industries has nearly closed due to the disagreement among shareholders, so there are not conditions to draft new contract for production line," Yavari noted.

"Determining the shares is an important issue, while workers are more concerned about $35 million that has not been invested in the company. Addressing the disagreement issue and signing contracts with the oil ministry and producing companies could help to launch the company's production line," he added.

Azarab Industries has an important role in major projects of Iran such as construction of oil refineries. The company provides design, engineering, manufacture, installation, project management, industrial consultation and financial services.

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