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Foreigners can purchase 100% shares of Iranian state-run firms: Official

Source: Tehran Times

TEHRAN- Deputy Head of Iranian Privatization Organization (IPO) Davoud Khani announced that his organization is ready to transfer 100 percent of the shares of state-run firms to foreign investors without any limit, IRNA reported on Sunday.

Tehran Stock Exchange

"After the implementation of Iran's nuclear agreement with the six global powers in January and initial annulment of banking and financial embargo against Iran, foreign investors have showed tendency towards (re)commencing activities in Iranian capital market," Khani said, " Now, it is possible for them to purchase shares in Iran's capital and exchange market after receiving a trade code".

Under Iran Fara Bourse or over-the-counter (OTC) regulations, everybody trading at the market is provided with a "trade code" and is only allowed to have a limited number of trades.

As reported in late April, some 29.662 trillion rials (about $855.799 million) worth of the shares of state-run companies were transferred to the private sector in the past Iranian calendar year of 1394 (which ended on March 19).

The Iranian government envisioned a large privatization program in the Fifth Five-Year National Development Plan (2010-2015), aiming to privatize about 20 percent of the state-owned firms each year.

Under the present interpretation of the Article 44 of Iran's constitution, hundreds of state-owned companies have been privatized.

... Payvand News - 05/09/16 ... --

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