Lukewarm response to Iran state bank sale

TEHRAN - Iran's state-owned Bank Mellat on Wednesday offered five percent of its equity on the stock market but the sale received a lukewarm response from private investors, news agencies reported.

By (AFP)

Published: Wed 18 Feb 2009, 5:28 PM

Last updated: Sun 5 Apr 2015, 10:25 PM

"As per the plan, five percent of Bank Mellat's shares were offered on the stock exchange," the state-owned IRNA news agency quoted Iran Stock Exchange director Ali Sahrai as saying.

The sale of five percent of Bank Mellat -- one of three Iranian banks under US sanctions -- is the first phase of a planned 80 percent divestment, the first privatisation of a state-owned bank in the Islamic republic.

"We are monitoring the trade and there is not much demand for them," a director of the bourse, Ali Sanginian, told Mehr news agency.

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