After Establishing a Bank, Iran's Revolutionary Guards Purchase Telecom Company
Septermber 29, 2009 - Last week, General Mohammad Ali Jafari, chief of the Islamic Passdaran Revolutionary Guards Corps (IRGC) noted that the IRGC does not face "many competitors or troublemakers" against its economic activities, adding that "the IRGC has never been rogue in entering an area not related to its revolutionary duties." Yesterday, Iran's news agencies reported that the IRGC had purchased a 51 percent share in the Iranian Telecommunications Company. According to these news agencies, the Etemad-e Mobin consortium, affiliated with the IRGC, defeated the bid of its competitor Mehr-e Eghtesad-e Iranian, affiliated with the Basij, and purchased 50 percent plus one share of the Iranian Telecommunications Company in less than a half hour in what amounted to be largest deal ever in the Iranian stock market.
TCI has monopoly over Iran's fixed line infrastructure, Iran's largest cellular operator (MCI), and Iran's major Internet service provider and data communication operator (DCI).
Press TV - An Iranian consortium has signed a
deal to buy 50 percent plus one of the shares of Telecommunication Company of
Iran (TCI) for around eight billion dollars.
According to the deputy of Iran's Privatization Company, the related contract was signed Sunday with an Iranian consortium named Etemad Mobin Development that includes three firms.
"The historical deal was signed after an article was added to the $7.8 billion text of the contract according to which the buyer will be committed to the charter of TCI," said Mehdi Oghadaei.
The consortium had already bought the shares, in a controversial transaction, but the official contract had yet to be signed.
Earlier in November, General Inspection Organization of Iran (GIO) cast doubts on the privatization of TCI, saying that some uncertainties exist in the deal.
The GIO had prepared a report on the doubtful points and submitted to related bodies in the Article 44 Parliamentary Committee for further investigation, Mehr News Agency reported earlier.
The important deal, the biggest on the Tehran Stock Exchange so far, attracted lots of attention as TCI has monopoly over Iran's fixed line infrastructure, Iran's largest cellular operator (MCI), and Iran's major Internet service provider and data communication operator (DCI).
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