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Iran: 42 Million Shares Ceded to Private Sector

State Privatization Organization has transferred 42.2 million shares of state companies to private ownership in the first six months of the current year, commenced in March, Pars Investment reported from Tehran.

The latest figures suggest that shares transferred in the period were worth Rls 422 billion (US$ 49.07 million). Some 17 companies affiliated to the State Privatization Organization as well as 28 affiliates of other major state enterprises have been privatized since March as stipulated in the Third Five-Year Development Plan (2000-2005).

Iran Mining Industries Development and Renovation Organization offered most of the transferred shares with 87.1 percent followed by the Industrial Development and Renovation Organization with 11 percent. The shares were transferred to private ownership via the stock market.

The State Privatization Organization further stated that the organization has managed to materialize the targets in the six-month period. Some 3,048 personnel of companies whose shares were ceded were offered shares worth up to Rls 11.1 billion (US$ 1.29 million). Some 33,308 farmers and laborers were also given Rls 2.5 billion (US$ 0.29 million) worth of shares.

... Payvand News - 9/23/04 ... --

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