PGPIC Divestment Falls Flat

The government’s plan to sell its shares in the Persian Gulf Petrochemical Industries Company (PGPIC) fell flat as buyers failed to provide robust guarantees, head of the Iranian Privatization Organization said.
“Guarantees provided by buyers fell short and in some cases they did not offer any guarantee,” Hossein Qorbanzadeh was quoted as saying by the IPO website. 
The IPO last week offered three blocks of shares including two small blocks comprising 1% and 2% and one holding 15% of the government’s stake.