The offering of the second Exchange-Traded fund (ETF) in August
The Director-General of the Iranian Privatization Organization (IPO) announced: Necessary measures to form the Exchange-Traded Fund (ETF) called "Oil Refining Industries" consisting of companies including Tabriz Oil Refining, Bandar Abbas Oil Refining, Isfahan Oil Refining, and Tehran Oil Refining are being completed by the Petroleum Ministry and hopefully this fund will be formed through initial public offering by the Mid-August.
The PR department of IPO - Dr. Alireza Saleh added: "These funds are offered by the government with the goal of access of the majority of people to the capital market and improving the economic situation of families. like the previous ETF fund, registration in this fund is open for all Iranian citizens who have a national code.
Referring to the Budget Law of 1399 and the approval of the cabinet, he added: According to the law and the approval of the cabinet, it was decided toestablishthree exchange-tradable funds (ETFs), offering discounts and provided through public underwriting up totwenty million rialsper each person. Accordingly, the first tradable investment fund (Dara 1) called "Financial Intermediaries" consisting of Alborz Insurance Company, Amin Reinsurance Company, Bank Saderat Iran, Bank Mellat, and Tejarat Bank was established in May through a public offering.
Dr. Saleh, referring to the failure of the block sale of shares of Tabriz Oil Refining Company in the offering dated 07/20/2020 and also the expiration of the block offer price of shares of Bandar Abbas Oil Refining Company due to holding the annual general assembly, stated: The shares of these two companies along with shares the rest of the government shares in Tehran Oil Refining Company and Isfahan Oil Refining Company will be offered through this fund.
He announced that the third exchange-tradable fundwill be called "Automotive and Industries" and added: "This fund consists of Iran Khodro, Saipa, National Iranian Copper Industries Co, and Steel Industries, which should be formed by the Ministry of Industry, Mines and Trade and preparations for its registration in the stock exchange should be done, and the exact time of its offering is subject to the initial executive measures for the registration of the fund by the Ministry of Industry, Mines and Trade.
It should be noted that the first tradable investment fund called "Dara 1" was offered by the Ministry of Economy and Finance in May of this year, which was welcomed by nearly three and a half million buyers, which has been the largest exchange-tradable fund (ETF) in the stock exchange.