Offering of a 16.41 percent block of shares of Tabriz Oil Refining Co.
Under the law on Implementation of General Policies of Article 44 of the constitution, resolution of the divestiture board, and other relevant laws and regulations, a 16.41% block of shares of Tabriz Oil Refining Company (TZORC) will be offered by the Iranian Privatization Organization (IPO) on the stock exchange.
The PR department of IPO - The aforementioned block will be offered with a total minimum value of 48,464,016,779,136 Rials in the form of 50% cash and the rest via installments of 18 months with 6 months intervals. The offering date of this block will be announced by the Securities and Exchange Organization (SEO).
Currently, the shareholders of TZORC are the National Iranian Oil Refining and Distribution company with 20%, Parsian Oil and Gas Development Group with 48.57%, the provincial investment companies of the Justice shares with 20%, HamoonSepahan Investment Company with 2.92%, HamoonSepahan Management Services Company with 0.18% and other shareholders with 8.33% of the shares.
In the announcement of the offering of 16.41% block of Tabriz Oil Refining Company shares (https://ipo.ir/uploads/1/vagozari/Agahi/99.03.21.pdf),it is stated that according to the qualification assessment criteria, the applicants assert that they are not incapacitated (by law) and are not subject to Article (24) of the Law on Implementation of General Policies of Article 44 of the Constitution and its subsequent amendments. Also, previous buyers of block shares through installments from the Privatization Organization, whose installments have been deferred, will not have the right to participate in the auction and purchase of shares until the settlement of previous debts.
Furthermore, in the section of the list of assets and listed firms on the privatization organization's website at www.ipo.ir applicants can seek information on other offering terms, e.g. providing guarantees and collaterals, transferring stocks, offered incentives, and the process of reviewing and evaluating applicants' qualifications.