Saderat and Tejarat banks to divest more shares
Iranian state-run banks, Saderat and Tejarat, each will offer two 5-percent blocks of their shares on the Tehran Stock Exchange (TSE) by Thursday, said a member of the TSE board of directors on Sunday.
Gholamreza Khalil Arjmandi added that Bank Saderat will offer its two blocks of shares on July 13th and July 15th respectively. Bank Tejarat's blocks will be offered on July 14th and July 16th, he noted.
He went on to say that the TSE Corporation is planning to divest the total shares of Bank Sarmayeh on the market.
Bank Mellat was the first state-run Iranian bank which offered 750 billion rials (about $77.5 million) worth of its shares on February 18th.
Previously, six percent of Bank Saderat and five percent of Bank Tejarat, two other state-run Iranian banks, have been offered as initial public offering schemes.
According to Iran's Fourth Five-Year Economic Development Plan (2005-2010), Iran Privatization Organization which is affiliated to the Ministry of Economic Affairs and Finance is in charge of setting prices and offering shares to the general public on the stock market.