IKCO Sells Majority Stake in Subsidiary
Iran Khodro has sold a 50.2% stake worth 720 billion rials ($15 million) in Mashhad Wheel Manufacturing Company following a one-day delay in its offering.
The sale, made up of 223.39 million shares at a base price of 3,223 rials (7 cents), was pulled through on behalf of Iran Auto Parts Company and Iran Khodro Investment Development on Tehran Stock Exchange’s Second Market. The stake was offered on Saturday, but delayed bids and prolonged document inspection process postponed the sale to the next day. According to Bourse Press, the buyer is an unnamed private auto parts maker. The sale is a sign of IKCO’s increased focus on cash-raising, as it also recently issued 7 trillion rials (about $155 million) worth of Murabaha debt securities on TSE to purchase parts and raw materials required for its auto production. This was the largest volume of Islamic bonds the Iranian capital market had seen issued by one entity.
source: Financial Tribune
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