Iran sells over $54M worth of state shares
Baku, Azerbaijan, Sept. 10
By Fatih Karimov – Trend:
Some 1.7 trillion rials (about $54 million based on official rate) of shares of Iranian government companies were sold from the beginning of the current fiscal year (March 20).
Some 1.62 trillion rials of the shares were transferred to the private sector on the Tehran Stock Market, IRIB news agency reported Sept. 10.
Also, 64 billion rials of shares were sold on the over-the-counter market and 14 billion rials were sold through holding tenders.
Through privatization of governmental companies, Iranian government seeks to restructure the country's economy and reduce the government's expenses by promoting the private sector.
Increasing productivity levels in large enterprises is also among the main objectives for selling the shares of governmental companies.