Imidro and Idro on the way to the stock market
Explaining the details of the transfer of state-owned companies' shares, the head of the Iranian Privatization Organization said: 18 companies are in the form of three ETF funds, which include banks, insurance companies, refineries, metals and automobiles.
(SHADA: TEHRAN) -- Pointing to the supply of shares of state-owned companies on the stock exchange, Alireza Saleh said: In this process, we offer stocks competitively on the stock exchange, in which both the private sector and the funds may participate.
If the private sector participates, the installment interest rate that is to be paid in the future is three percentage points lower than of public institutions, he said, adding: We can't stop competition; the important thing is to make the offerings competitive, not in the form of debt cancellation.
Saleh announced the preparation of state-owned companies for admission to the capital market and said: Five holdings have been prepared. At the first meeting of the Council of Ministers, we are supposed to get permission not to destroy the management chain. One of the drawbacks of cessions was that when we handed over the subsidiaries of a specialized parent company one by one, the value chain disappeared, so we were getting permission to offer a collection as a public company, like Imidro. Accordingly, it is expected that in mid-Ordibehesht (May), Imidro Group will be accepted as a public joint stock company in the capital market and the price will be discovered.
In this situation, companies are obliged to specify the information clearly in the Codal. They must also have the professional qualifications of the Securities and Exchange Organization. The process is also underway for power plants and the parent company specializing in thermal power. We have received the approval of the Minister of Industry for Idro and Imidro, and we are waiting for the permission of the Council of Ministers, he continued.
The head of the Privatization Organization also explained about the 18 state-owned companies whose shares are to be offered on the stock exchange and said: 18 companies have good portfolios and management blocks. These 18 companies are in the form of three ETF funds. In this regard, we have written a letter to the Minister of Economy, and this ministry is supposed to mediate financially and offer the remaining shares of three banks of Saderat, Tejarat and Mellat, and two Alborz Insurance and Amin Reliance. The share of the government in some cases is 17% and in some cases 18%. The Ministry of Economy has introduced its representative in a letter.
There is also a negotiable investment fund in the field of refineries, which includes the refineries of Bandar Abbas, Tabriz, Tehran and Isfahan, where the management block is applied, he said, adding: Another fund is metals and automobiles, which include the shares of Saipa, Iran Khodro, Mobarakeh Steel, and National Iranian Copper Industry Company.