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Biggest Iranian stock market transaction postponed

TEHRAN, Sept. 16 (Mehr News Agency) - Iran Privatization Organization director said public offering of shares of Telecommunication Company of Iran has been postponed to next week.

Fars news agency reported that these shares were supposed to be sold Wednesday but the date has been changed due to technical problems, stated Gholam-Reza Kord-Zanganeh.

He pointed out that changing the dates of public offerings of company shares is natural and has been repeated in the past, adding that next week's offering is definite.

The deputy economic minister noted that the shares of the Telecommunication Company are valuable stocks and everybody is aware of their status in the stock exchange market and the economy of the country.

Related Article: Will Revolutionary Guards Take Over Telecommunication Company of Iran

22,936,827,872 shares of the company which is equivalent to 50 percent plus one share worth approximately $7.8 billion will be sold in the biggest transaction ever of Iran's bourse.

The shares will be offered as fully paid in cash or as 20 percent cash and 80 percent on installment basis.

20 percent of the Telecommunication Company's stocks have been offered as Justice Bonds, 5 percent were sold in the stock market before and another 5 percent were offered to the Telecommunication Company's employees as preferred shares.

The remaining 20 percent will remain in the hands of the government.

... Payvand News - 09/16/09 ... --

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