Divestment of Two Main Car Companies Not Possible Now

Head of the Iranian Privatization Organization says government shares in the two main auto companies are held as collateral with banks posing a challenge to their divestment. 
“Iran Khodro [IKCO] and SAIPA have put government shares as collateral to borrow from banks,” Hossein Qorbanzadeh said on the sidelines of a meeting with private sector leaders on Monday.  
“The loans have not been repaid. Under the existing conditions it is not possible for the IPO to sell the government stakes in the two companies unless the collateral is released,” IRIB News quoted him as saying.