Social Security Investment Company of Iran plans to offer 15% shares in one of its giant construction holding companies, Tamin Cement Investment Company, in the bourse, CEO of the SSIC said.
The SSCI, also known by its Persian acronym Shasta, controls nine holdings in a wide range of sectors, including petroleum, petrochemicals, pharmaceuticals, cement, transportation and finance. The holdings manage about 200 subsidiaries.
“Tamin Cement is one of the subsidiary holdings of Shasta that operates in the cement, construction and transportation sectors,” Mohammad Rezvani Far was quoted as saying by IRNA.
It is the largest cement and construction holding in the country, which directly and indirectly holds stakes in 45 other companies, 26 of which are already listed.
The giant holding accounts for 30% of the total cement production capacity in the country and is set to be listed at Tehran Stock Exchange.
In what is seen as one of the biggest listings in Iran’s bourse history, the parent company of Cement Tamin, Shasta, went public earlier in April by offering 10% shares.
In what is seen as one of the biggest listings in Iran’s bourse history, the parent company of Cement Tamin, Shasta, went public earlier in April by offering 10% shares
Shasta is the investment arm of the Social Security Organization (SSO), Iran’s largest pension fund and biggest insurance company providing insurance services to wage-earners and voluntary coverage to the self-employed.
Listing Shasta on the stock exchange attracted close attention from many quarters, including President Hassan Rouhani who commended the move as “being in line with promises made by his administration to reduce government intervention in the economy”.
As was the case with previous initial public offerings, investors probably will line up for shares of the giant cement company.
They did so for IPOs of Shasta and Saba Tamin Investment Company, also one of Shasta’s subsidiaries, when more than 2 million investors took part in each IPO.
Listing companies in the bourse has gained momentum in recent months as regulators strive to expand the market and boost the supply side to accommodate the ballooning liquidity flowing into the market.
Market officials are asked to help boost the supply side by encouraging more companies to list and create a reasonable balance between demand and supply.
