Iran Economy NewsIranian government sells 5% of its shares in Dana...

Iranian government sells 5% of its shares in Dana Insurance Co. in IPO

-

Bloomberg: The Iranian government sold all 5 percent of the shares in Dana Insurance Co. that were made available in an initial public offering, the Tehran Stock Exchange said.

Bloomberg

By Ali Sheikholeslami

The Iranian government sold all 5 percent of the shares in Dana Insurance Co. that were made available in an initial public offering, the Tehran Stock Exchange said.

The government raised 13.7 billion rials ($1.4 million) from more than 5 million Dana shares sold today, the TSE said on its website. The stock sold in nine minutes, representing 614 trades, the TSE said.

Dana is the third insurance company in which the government has offered shares, after Asia and Alborz, Mahdi Azadvari, a broker for the Bourse Bimeh Iran Brokerage, said Aug. 11 from Tehran. The government had a 61 percent stake in Dana before the sale. The Social Security Organization is the second-largest shareholder, with more than 23 percent, with the rest owned by Iranian employees’ pension and investment funds, Azadvari said.

The Dana IPO is part of an effort by Iran’s government to sell state assets to reduce public debt and boost the economy. The country’s constitution requires the government to sell many of the companies it owns. It is allowed to keep a 20 percent stake in each. Some government-owned companies are excluded from the sales, such as Bank Melli and Iran Insurance, Azadvari said.

Latest news

Khayyam Satellite, Iran Regime’s New Tool To Back Up Global Terrorism

Last week, the Iranian regime’s media reported that the mullahs had been successful in launching a new satellite named...

A Tsunami of Malnutrition in Iran

The huge class gap in Iran is the result of the Iranian regime’s destructive policies. According to Mohammad Saleh...

Iran’s Regime Punishes People With Poverty To Hide Its Crime

The Iranian regime’s state-run Kayhan daily, the mouthpiece of its supreme leader Ali Khamenei, recently wrote that the regime...

Desperation and Unemployment Are Causing High Suicides Rates Among Youths in Iran

The sharp focus has recently been turned on Iran, once again, because of many bitter events. One such event...

Outcome of Iran Regime’s Corruption, High Number of Deaths in Natural Disasters

Sometimes numbers lose their mathematical meaning and become heralds of disasters. The number of 200 deaths in the village...

Iran Regime’s Oil Revenue Supports Terrorism

On August 2, John Kirby, the US National Security Council Coordinator for Strategic Communications at the White House, stated...

Must read

India and China skirt Iran sanctions with ‘junk for oil’

Bloomberg: Iran and its leading oil buyers, China and...

Russia says to start Iran nuclear plant in 2010

Reuters: Russia will start up the reactor at Iran's...

You might also likeRELATED
Recommended to you