It is the second five per cent share to be listed on the Tehran Stock Exchange
The Iranian Privatisation Organisation (IPO) has listed a second five per cent stake of Saderat Bank on the Tehran Stock Exchange.
The five per cent stake is equal to 840 million shares. The first five per cent stake was listed on the exchange in June 2010.
Iran’s Economy Ministry owns 32.97 per cent shares of the bank and 40 per cent are justice shares, which are shares given to low-income Iranians. Saderat Bank employees hold five per cent and the private sector now owns two five per cent blocks. The rest is owned by other stockowners.
The IPO estimated in 2010 that it planned to raise more than $12bn through the privatisation of companies (MEED 14:4:10). Among those companies set to be privatised by 2014, include Iran Air, Raja Passenger Trains Company, six refineries, four petrochemical companies and six oil and gas companies.
In July 2010, the government sold an 18 per cent stake in car manufacturer Iran Khodro for $430m.