Tejarat Bank to Sell Steel, Petrochem Shares
Tejarat Bank is gearing up for block sales of three large-cap steel and petrochemical subsidiary companies listed at Tehran Stock Exchange on Feb. 10, TSE’s website reported on Tuesday.
The first sale includes a 2.75% stake in Iran’s largest flat steel producer, Mobarakeh Steel Company, amounting to 2.06 billion shares at a base price of 3,240 rials (7 cents) per share. The total of 6.69 trillion rials ($148.73 million) is to be paid in cash. Tejarat is also letting go of a 1.76% block share in Shiraz Petrochemical Company. The 89.94 million shares are priced at 3,066 rials (about 7 cents) each, bringing the total sale value to 275.7 billion rials ($6.12 million). A 1.17% stake in Pardis Petrochemical Company is also on the table. The base price is set at 8,818 rials (about 20 cents) for each of the 70.55 million shares, with the total sale value reaching 622.12 billion rials ($13.82 million). Established in 1979, Tejarat is the sixth largest commercial bank in Iran. The private lender has an international branch in Paris, London, Hamburg, Beijing, Dushanbe and Dubai.
source: Financial Tribune
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