Iranian Privatization Organization

The PR department of IPO (via YJC) - Abolghasem Shamsi Jamkhaneh, regarding the transfer of Esteghlal and Persepolis clubs to the private sector, said: “According to the measures taken, it was decided that the transfer of the two cultural and sports companies should be finalized by the end of the second half of this (Iranian) year, as this transfer required the review of some infrastructure.”

The member of the executive board of IPO said: "In the first stage, the assets and brands of the two clubs had to be re-evaluated in order to prepare a feasibility study report for the capital increase so that the capital increase could be approved by the extraordinary general assembly."

Stating that the admission of two companies will be done by the end of Shahrivar, Shamsi Jamkhaneh said: “After amending the statutes and holding meetings with the admission board of the stock exchange, it was decided that the admission of both companies in the OTC market should be done according to the predetermined schedules.”

Noting that this time the transfer of these two clubs is different from the past, the member of the executive board of the IPO continued: "In the past, only the brands and the sports complex were offered, but this time the offering is going to be made in the capital market and the shares are going to be transferred to the buyers.”

The IPO’s deputy for firms and pricing SOEs concluded: "Initially, there will be a public offering and we will discover the price for up to 10 percent of the shares, and then, with the decision of the divestiture board, we will hand over the management and control shares."