The Central Bank of Iran Tuesday said it had rejected a deal between Ayandeh Bank and Hami Sazeh Kian Company over divesting 35% shares in the giant Iran Mall Complex, a $3.5-billion shopping and entertainment megaproject in northwest Tehran, wholly funded by Ayandeh.
According to a CBI press release, the deal was unacceptable because it failed to “uphold regulatory obligations for selling excess assets of financial institutions, and the process of selling the shares was not clear.” No further details were available.
The CBI has instructed the private lender to cancel the rare deal. Ayandeh on Monday said it had “sold 35% shares of Iran Mall International Development Company to Hami Kian Sazeh Company through an auction.”
"The auction was held in complete accordance with the regulations. The remaining 65% share will be offered in the capital market," the bank's website wrote. The lender has not responded to the CBI refusal.
In mid-December Ayandeh Bank issued an auction notice for selling the giant mall saying that it was in line with a legal CBI mandate to reduce non-banking activities.
Located in Tehran's District 22 alongside Hemmat Highway, Iran Mall was designed after two years of studies and took six years to build. It offers a bold blend of traditional and modern Iranian and Islamic architecture and culture.
As per the auction notice, the plan called for "divesting 100% shares" in the huge shopping and leisure complex, which is estimated to be worth more than 850 trillion rials ($3.4 billion). The scale and size of the planned sale become a hot topic among the public. An auction of this size is unprecedented in Iranian history.
Ayandeh Bank was founded in 2012 following a merger and acquisition between Salehin Credit Institution and Ati Credit Institution and Tat Bank.
