Business And Markets

BMI Cedes Stock Holdings Worth $500m

BMI Cedes Stock Holdings Worth $500m
BMI Cedes Stock Holdings Worth $500m

Bank Melli Iran, the state-run lender, said the lender has divested its stake in assorted companies worth 133 trillion rials ($492 million).
Divestments were completed in two years with the majority of stocks ceded in the previous fiscal year ending March 2021.
The BMI sold shares 106 trillion rials ($392m) and 27 trillion rials ($100m) worth of shares respectively in fiscals 2020-21 and 2019-20, according to a press release posted on the bank’s public relations website.
National Development Investment Group (investment subsidiary of BMI), Iran Khodro (the largest Iranian automaker) Ayandeh Pouya Plan and Development Company, Madan Shekafan Tehran company (a mineral company) and Imen Tarabar Aria (a transportation firm) were among the companies the BMI divested its stake.


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