Iran News ...


6/9/03

Tehran Stock Exchange opens portfolio in Bahrain for foreign investors

Iranian Foreign Investment Company (IFIC) has established a euro 50 million (dlrs 58.5 m) investment fund in Bahrain that will allow foreign investment for the first time in the Tehran Stock Exchange (TSE), IRNA reported from London.

According to Middle East Economic Digest (MEED), the roadshow for the fund is taking place in early June, targeting private, institutional and corporate investors in the Persian Gulf as well as European institutional investors looking to diversify their portfolios.

The fund will concentrate on larger listed companies in the construction, consumer, pharmaceutical and petrochemical sectors and will be sourcing shares from social security and pension funds.

Bank Saderat is acting as custodian of the fund, which is being managed by Cairo-based EFG-Hermes with Norton Rose acting as legal advisers.

MEED reported that EFG-Hermes was in the process of building a database of Iranian companies and will be providing training for IFC analysts in Cairo before relocating them to its office in Tehran, which it plans to open during the summer.

More than 300 companies are currently list on the TSE, with applications pending for at least 800 more firms. Total market capitalization stands at around dlrs 15.2 billion, of which about half is accounted for by Iran's largest 20 firms.

... Payvand News - 6/9/03 ... --



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