Iranian Privatization Organization (IPO) deputy announced the timetable for the divesting of shares of five banks, namely Mellat Bank, Saderat Bank, Tejarat Bank, Refah Kargaran Bank, and the Post Bank. 

In his talks with the Fars News Agency, Mehdi Oghdaei announced: “We held a meeting with the banks managers and the representative of the MEAF Deputy for Bank Affairs, Insurances and the SOEs, during which the decision was made for the timetable for divesting the banks shares”. 

He added that based on this timetable, firstly, the dates of November 25, 2007, December 5, 2007, and December 16 are determined for the divesting of the shares of Mellat Bank, Saderat Bank and Tejarat Bank, respectively in the Stock Exchange. 

“Shares of the both Refah Bank and the Post Bank shall be divested in January”, Mr. Oghdaei added. 

He also reminded that taking into account the huge size of these banks, up to 5 percents of the shares of these banks shall be divested in the Stock Market, in order for the price discovery to be duly made\