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Code: 44620 Visited: 449 Publish Date: Nov 08 2017 - 2:27
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Capital Market
2 Heavyweight Firms to Be Privatized
Tehran, Nov. 08 (SENA) - Iranian Privatization Organization plans to privatize the shares of two iron ore and coal companies on Nov. 27.

Tehran, Nov. 08 (SENA) - Iranian Privatization Organization plans to privatize the shares of two iron ore and coal companies on Nov. 27.

The sale includes a 67.92% stake in Iran Central Iron Ore Company with a total value of $999.8 million and a 99.85% share in Kerman Coal Mines Company valued at $601.4 million, Financialtribune reported.

The IPO will undertake the offer on behalf of Iran Steel Pension Fund, which holds controlling stakes in the two companies. Potential buyers must pay 20% of the value in cash and the rest in six-month installments over four years.

Iranian pension funds are in a poor financial state due to years of mismanagement and economic crisis, which has prompted them to sell off assets to keep their heads above water.

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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