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Value of Iran's Justice Shares increases

Business Materials 3 August 2020 09:26 (UTC +04:00)
Value of Iran's Justice Shares increases

TEHRAN, Iran, Aug 3

Trend:

The value of Justice Shares has increased from 5.3 million rials (about $126) to more than 190 million rials (about $4,523), said Deputy of Central Securities Depository of Iran.

"It is expected that 60 percent of Justice Shares valued 110 million rials [about $2,619] will be offered for sale at the stock exchange on August 8," said Alireza Mahyar, Trend reports citing ILNA.

"Brokerage offices will collect data of share owners that have sold their Justice Shares and the money from trading will be paid into their account," he added. "All the sale requests can be submitted via online system and applicants can register their information to avoid unnecessary travels to offices amid coronavirus spread."

"So far, more than 2.3 million individuals have submitted requests to sell their Justice Shares; from them, 1.1 million people have submitted their request via banks and 1.2 million share owners have requested to sell their shares via brokerage offices," Mahyar added.

Iranian government has previously allowed the sale of Just Shares at stock exchange to help people in need that have been affected by economic pressure amid the coronavirus spread.

The Justice Shares is the byproduct of government privatization plan. It was decided that 80 percent of public companies were to be transferred to public ownership, 40 percent of which were transferred through the Justice Shares and the rest was to be offered for privatization through the Tehran Stock Exchange.

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