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Iran's Bourse Deal Revoked

TEHRAN, Dec. 11 (Mehr News Agency) - The biggest bourse deal in Iran during the last calendar year (ended March 20, 2009), valued at $1.5 billion, was annulled according to an appeal court verdict.

Tehran Stock Exchange

The transaction was related to buying a 30.5 percent block of the state-run Khuzestan Steel Company by a private businessperson named Mohammad Jaberian, ISNA news agency reported.

The block of shares will be priced once again, said Esmail Gholami the deputy director of Privatization Organization of Iran.

The privatization deal was carried out on June 28, 2008, but the buyer of shares embarked on revoking the deal later on due to the sharp decline in steel prices.

In September, a 50-percent block plus a single share of the Telecommunication Company of Iran worth 77.985 trillion rials (some $7.8 billion) was offered on the stock market as the biggest ever transaction deal made in the country.

According to the Fourth Five-Year Economic Development Plan (2005-2010), the Privatization Organization of Iran, affiliated to the Ministry of Economic Affairs and Finance, is in charge of setting prices and ceding shares to the general public and on the stock market.

... Payvand News - 12/11/09 ... --

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