Iran News ...


05/05/16

51 Million Euro of Iranian Firm's Shares Sold Via SWIFT

Source: Press TV

Iran says a foreign company has purchased 30 percent of one of its leading detergent producing brands for a total value of around €51 million through SWIFT - what is already seen as a breakthrough move in the country's stock market.

The purchase has been carried out through Iran Fara Bourse (IFB) - also known as Farabourse - which is an over-the-counter market for securities and other financial instruments in Tehran.

The IFB says on its website that the foreign company has made the payment through mechanisms provided by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The name of the company and the details of its purchase have not been specified by the IFB. However, speculations are already rising in Iran's media that the foreign company that has made the breakthrough purchase is Germany's Henkel - one of the largest household and personal care manufacturing companies in the world. The company whose shares Henkel has purchased is Pakvash - is believed to be its local partner in Tehran.

Henkel Pakvash is a publicly listed company in Tehran Stock Exchange and producers household chemicals including detergents.

The fact that Henkel's purchase has been carried out through SWIFT could be a landmark move to prove that the mechanism is operating after the removal of the sanctions against Iran.

Based on a multiple-year regime of sanctions, SWIFT had been blocked to Iran. The blockade, however, was removed when the sanctions against Iran were lifted in January.

The government of President Hassan Rouhani has been facing criticisms at home lately that SWIFT is still off-limits to Iran even after the removal of the sanctions.

... Payvand News - 03/25/16 ... --



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