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Iran edges towards privatisation target
TEHERAN - Iran has sold its stake in a state-run marine industry company on the Tehran Stock Exchange in what is believed to be the country's largest privatisation to date, an official said yesterday.
He told Reuters an organisation affiliated to the country's Ministry of Industries and Mines sold 35 percent of shares in the Iran Marine Industries Company, known as SADRA.
"The shares, offered in one block, were purchased at 4,077 billion rials ($485 million) by a consortium of investment companies as yet unidentified," said the official from Iran's Privatisation Organisation, who declined to be named.
Investment companies involved in previous sales have often transpired to have strong government connections.
SADRA is a marine engineering company active in shipbuilding and the oil and gas sector.
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