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Iran-Khodro shares to float on international stock markets

Secretary General of Tehran Stock Exchange (TSE) Hossein Abd Tabrizi said in Tehran on Wednesday that in line with globalization in the world stock exchanges, 10 percent of shares of Iran-Khodro Industrial Group will be offered in international markets, IRNA reported.

Abd Tabrizi said to accomplish the task, preliminary work is nderway adding the shares will be offered in Luxembourg exchange among others.

"Iran-Khodro is the largest industrial conglomerate in the exchange and its share have claimed in a steady manner," he said.

TSE and Bahrain stock exchange have approved for over dlrs 500 million of Iran-Khodro foreign exchange-denominated bond to be offered in the Bahrain exchange.

Foreign investors are soon able to infuse capital in the TSE Abdo-Tabrizi said adding "the law permits the foreign investors to commit up to dlrs three billion or equivalent up to 10 percent of annual volume of transactions in the exchange."

The foreign-owned shares can be redeemed for cash. Profits and initial capital can be repatriated within three and five years, respectively, of the date of purchase, the TSE secretary general underlined.

He said there are 30 leasing companies active in the TSE and two more are under the supervision of the Central Bank of Iran (CBI) will be licensed in the near future.

Another speaker, the Managing Director of Iran-Khodro said that domestic industry faces obstacles in getting access to cheap long-term financing.

We are in discussions with foreign banks including the 'Bahrain ank' to acquire loans for our expansion plans, Manouchehr Manteqi said.

Over 22 Iran Khodro-affiliated companies are awaiting to register with TSE. The conglomerate, as the largest industrial concern in TSE with a daily volume of rls 10.5 billion is the barometer for market prices, he added.

... Payvand News - 11/06/03 ... --

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