Divestiture Scheme TimeLine Apprised

Government spokesman Ali Rabiei Saturday announced a timeframe to divest government shares in state-owned companies in three phases. The first commenced today. 
The government has issued a call for subscription of its residue shares in three banks and two insurance companies to be offered via an exchange-traded fund. 
It has a 17% stake in Tejarat Bank, 17% in Bank Mellat and 18.32% in Bank Saderat Iran. It also owns 17.34% shares in Alborz Insurance Company and 11.44% in Amin Reinsurance Company. 
In the next stage stakes in four refineries will be up for grabs on June 21. Shares on offer include  20% stake in Tehran Oil Refining Company, Isfahan Oil Refinery, Tabriz Oil Refinery Company and Bandar Abbas Oil Refining Company, IRNA reported.