Iran’s leading steel producer to offer shares at capital market

Business Materials 24 October 2017 12:49 (UTC +04:00)

Baku, Azerbaijan, Oct. 24

By Khalid Kazimov – Trend:

Iranian Privatization Organization (IPO) has echoed plans for offering about 29 percent of the shares of Khouzestan Steel Company at the Tehran Stock Exchange (TSE) next week.

According to the official website of the IPO, about 4.2 billion shares of Khouzestan Steel Company will be offered at the TSE on October 30.

According to the report, the purchasers will pay 25 percent of the total value in cash and the rest will be settled in six installments within three years. Per share of the steel producer will value $0.11 (4,466 rials).

Khouzestan Steel Company is the country’s largest supplier of steel ingots and the second hub for producing crude steel located in southwestern Iran.

The company produces 3.7 million tons of steel per year and its benefits over the last fiscal year (starting March 20) surpassed $2 billion (6.7 trillion rials), indicating a surge of 300 percent.