TEHRAN, Iran, May. 31
Trend:
A member of Iran Expediency Council Ali Aghamohammadi said that the green light given to the 'Justice Shares' by order of the Supreme Leader of Iran had led to an increase in the penetration rate of the capital market among the people, Trend reports via Mehr News Agency.
The 'Justice Shares' was the byproduct of government privatization plan, with each share worth 10 million rials (about $238). According to Article 44 of the Constitution, 80 percent of public companies in Iran were to be transferred to public ownership.
“More than 3.5 million people have chosen to have the 'direct ownership' of the shares,” Aghamohammadi said at a meeting with the members of Tehran Chamber of Commerce.
He said that 'Justice Shares' consist of shares of 36 big state-owned companies.
'Justice Shares' had been valued at $36 billion in 2014. However, current estimates suggest the 25 listed companies and another 14 that are planning an initial public offering (IPO) would bring some $15 billion to the stock market once the 'Justice Shares' are vested.
According to the new order, holders of justice shares were allowed to choose the direct ownership of the shares of venture capital firms within a specified time frame and to play their managerial role in proportion.