Iran divests over $ 5.9b worth of state shares

Over 146.4 trillion rials (about $ 5.9 billion based on the U.S. dollar official exchange rate of 24,900 rials) worth of shares of state-run companies were sold in Iran since the beginning of the current Iranian calendar year (March 21, 2013).

More than 77 percent of the shares have been transacted on the Tehran Stock Exchange, according to media.Iran has transferred over 130 trillion rials (about $ 5.2 billion) worth of shares of state-run companies to the private sector in the first four months of the current Iranian calendar year.

[tbpspa]

The shares were owned by 25 state-run companies, the Privatization Organization of Iran said in a press release.The government has envisioned a large privatization program in the Fifth Five-Year Development Plan (2010-2015), aiming to privatize about 20 percent of state-owned firms each year.

In line with Article 44 of the Iranian Constitution, hundreds of state-owned companies have been privatized with some of the shares being earmarked for distribution among ‘deprived’ classes, such as farmers and workers.In a speech in March 2013, Iranian Parliament Speaker Ali Larijani said that transferring economic activities to the public will resolve the unemployment problem.

Via: Tehran Times

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