Iran sells over $1B worth of state shares in one year
Baku, Azerbaijan, March 11
By Fatih Karimov – Trend:
Some 42.561 trillion rials (about $1.313 billion based on March 11 official rate) of shares of Iranian government companies were sold during the current Iranian fiscal year (started March 20, 2016).
Some 5.323 trillion rials of the shares were transferred to the private sector in the Tehran Stock Market, Iranian Privatization Organization (IPO) said.
Also, 522 billion rials of shares were sold in the over-the-counter market and 36.716 trillion rials were sold through 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 of selling the shares of governmental companies.