Iran Financial Times
Japan announced conditions for payment of its last $1 billion installment under a $3 billion loan to Iran.
The Managing Director of the National Iranian Oil Company (NIOC), Seyyed Mehdi Mir Moezi reported that Japan plans to disburse its last installment to Iran in Yen. He added that Japan has conditioned the payment to be used for the purchase of goods and services from the Japanese market.
Mr. Mir Moezi stated that Iran has not approved Japan's payment conditions yet and is currently reviewing them. A final decision in this regard will be made within the next 6 months.
So far Japan has paid $2 billion to Iran.
Bonyad Finance & Credit Organization to be privatized
Part of Bonyad Finance and Credit Organization (BFCO)'s shares will be ceded to the public, once the final steps in setting its share prices have been taken and upon the approval of the Extraordinary General Assembly of the shareholders, Managing Director of BFCO, Dr. Reza Shiva announced.
Dr. Shiva stated that the volume of the customer deposits at BFCO in 1380 (ended 20 March 2002) reached Rls2.92 trillion ($365 million), which represents a 106% growth compared to the year before. The volume of customer deposits reached Rls3.7 trillion ($462.5 million) by Shahrivar 1381 (ended 22 September 2002), showing an increase of 27% compared to 1380.
Selling shares below nominal price approved by TSE
For the first time, a permit was issued by the Tehran Stock Exchange (TSE) for the sale of shares below their nominal price. So far the share prices of the 325 TSE-listed companies could not be traded below Rls1,000 ($0.12). All companies listed in the TSE have a nominal share price of Rls1,000 ($0.12).
The minimum share price has been set by the TSE for protecting the minority shareholders' rights. However, experience has shown that this does not have any advantages for minority shareholders, but rather creates problems for financially weak companies.
Based on this new rule, one of shareholders in Poly Acryl Company will be selling its shares at a price of Rls950 ($0.12). Currently, Bank of Industry and Mine owns 70% of the shares in this company
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... Payvand News - 9/25/02 ... --
