Gov’t to Launch Divestiture Scheme May 3

The Ministry of Economy announced a timeframe to launch the first phase of a divestiture scheme based on which government will sell its stakes in state-affiliated companies.
The plan calls for divesting stakes in 18 companies via three ETFs -- the first of its kind -- that will offer residue shares in financial institutions, namely three banks and two insurance firms.  
The government has 17% stake in Tejarat Bank, 17% in Bank Mellat and 18.32% in Bank Saderat Iran. The banks are listed with Tehran Stock Exchange. It also owns 17.34% of the shares in Alborz Insurance Company and 11.44% in Amin Reinsurance Company.