The IPO executive director reported of the preparation of shares of 757 companies to be divested to the private sector. 

In his talks with the Mehr News Agency, Gholamreza Heidari Kord Zangeneh, the IPO executive director, also added that attempting to find scientific frameworks for the share pricing of the SOEs, revising the executive bylaws and directives, legislation of the reductions bylaw, examining the installments of the previously divested companies, are only some of the steps taken by the IPO. 

According to Mr. Kord Zangeneh, the plans for spending financial resources from the SOEs shares divesting include the provision of self-sufficiency for the deprived families and for the families covered by the social security system.  Payment of 30 percents of these resources to the cooperatives throughout the country for poverty removal and establishment of economic infrastructures with the priority for less deprived regions are also considered in this arena. 

Among other plans for spending such resources, he mentioned granting loans aimed at upgrading the cooperatives, improvement of the governmental sector investments, promotion of the Cooperative Bank, maximum 49 percents participation of the governmental companies in the less developed regions, completion of the semi-finished projects, development of the new technological domains, restructuring of companies, reduction of the human resources of companies, preparation of enterprises for their divesting. 

Referring to the strategy of reconstructing and divesting of the unprofitable companies with these resources, he expressed that even for removal of any problems of these companies for the private sector, the government reduces their human resources, and undertakes to pay the salaries and wages of the employees, support them, provide for their early retirement, voluntary redemption, and covering them with unemployment insurance.  Kord Zangeneh reminded, “Related projects shall be defined and taken into account in the budget.”

Talking of the all-banks societies, Mr. Zangeneh said that we should soon witness the supply of 5 percent of the bank shares for the price discovery in the stock exchange.  Then their rest of shares shall be divested in blocks.  The second phase of their share divesting depends on the government decision, the Supreme Divesting Council, and the Divesting Delegation.  “Bank Mellat or Bank Tejarat may be the first banks whose shares are to be supplied.” Mr. Zangeneh added.  

The IPO executive director reminded that there exists no problem with the divesting of the societies of the divestible insurance companies and approving the entry of the shares of these companies to the stock exchange. 

Concerning the request of the Stock Exchange Company for increasing 5 percents of the original divestible shares of the SOEs to 10 percents, he said that for now, we begin with the supply of the 5 percents of shares of the companies, subject of the preamble of the Principle 44.  He said that for the allocation of justice shares to the reporters, no orders have been notified to the IPO yet.