Iran sells over $280M worth of state shares
By Trend
Some 9.101 trillion rials (about $281.1 million based on December 29 official rate) of shares of Iranian government companies were sold during the first nine months of the current fiscal year (March 20-December 21).
Some 2.278 trillion rials of the shares were transferred to the private sector in the Tehran Stock Market, Mehr news agency reported on December 29.
Also, 522 billion rials of shares were sold in the over-the-counter market and 6.301 trillion rials were sold through tenders.
Through privatization of governmental companies, Iranian government seeks to restructure the country's economy and reduce the government's expenses by promoting the private sector.
Increasing productivity levels in large enterprises is also among the main objectives of selling the shares of governmental companies. Iran plans to privatize almost 200 state-run companies by March 2017.
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