IRGC exits Iran's telecommunications sector in country's interests - minister
Tehran, Iran, Oct.26
Withdrawal of The Islamic Revolution Guards Corps (IRGC) as shareholder from the Iranian Telecommunications Company and a major cell phone operator company is based on the recent policy of the country.
The General Staff of the Armed Forces of the Islamic Republic of Iran has also emphasized on the withdrawal of armed forces from the economic sectors, Iran's Minister of Information and Communications Technology Mohammad-Javad Azari Jahromi said on Wednesday.
“IRGC’s Cooperative Foundation decided to transfer its indirect shares in telecommunications,” he said.
The IRGC announcement annuls a controversial acquisition during which it had got hold of 50 percent plus one share of the country's national telecommunications company and its leading cell phone operator in 2009. That was the biggest transaction to date in the history of the stock exchange in Iran.
Iran's Supreme Leader Ayatollah Ali Khamenei last week renewed an order he had issued on January 20 ordering IRGC and other military forces to abandon commercial interests that were inconsistent with their status as military organizations.