For the third time after the revolution, Iran’s Government granted a permit to a foreign company, German ZF for investing directly at the Tehran Stock Exchange (TSE).

Based on the decree, Germany’s ZF is allowed to purchase more than 50% of the shares of the Iranian firm Charkheshgar, which is manufacturing diesel engine gearboxes.

ZF is the manufacturer of various gearboxes, axel, ball bearing and other automobile pivotal parts. The company also produces certain airplane spare parts.

It is noteworthy to say that ZF is the second German company, after Henkel, purchasing a strategic stake in a TSE listed company.

Currently, 77% of Charkheshgar’s shares belong to Iran Khodro Diesel while Bank Melli Iran owns 10%. 7% of the company belongs to Iran’s Insurance Company and only 6% of the shares belong to minority shareholders.

Currently, Charkheshgar Company has a Rls30 billion ($3.75 million) capital and a market capitalization of Rls 482 billion ($60 million).