TEHRAN, Iran, May 30
Trend:
The Social Security Organization's top official announced the government's decision to pay back a part of the organization's debts by selling the shares of 20 subsidiary companies.
The organization’s debt to banks subsequently has jumped from less than $1 million in 2011 to more than $2 billion last year, Iranian media reported.
“The government has decided to transfer a percentage of the shares of 20 companies to the Social Security Organization,” member of the Social Security Organization's board of trustees Ahmad Shoukat said, Trend reports citing ILNA.
“According to the government's decision, the shares are to be sold via stock exchange,” he said adding that the decision should be approved by the cabinet.
Shoukat said the companies to be sold are among the government's most valuable companies.
“They mostly included metal mines and metal factories. The list of these companies has been finalized, and we are just waiting for the final decision of the government,” he noted.