Interest Lacking in Refinery ETF

The government’s move to sell shares in four major refineries via an exchange-traded fund was received coldly by investors as barely 20% of the assets were bought in the subscription phase. 
Initial data show that about 4 million people took part in the subscription and bought units of the ETF worth a total of 130 trillion rials ($480 million). The government had plans to divest its shares worth a total of 600 trillion rials ($2.2 billion) in four refineries. 
The ETF, dubbed “First Refinery”, holds government shares in Tehran Oil Refining Company, Esfahan Oil Refining Company, Tabriz Oil Refining Company and Bandar Abbas Oil Refining Company. The government owns 20% of shares in each refinery.