Gov't Sells $3 Billion Stake in Major Privatization Deal

The government sold 12% of its shares in the Persian Gulf Petrochemical Industries Company (PGPIC) on Monday worth 1,087 trillion rials ($3.33 billion) marking "the largest privatization deal in the country", head of the Iran Privatization Organization (IPO) said. 
"After a three-day race between two bidders, namely AHDAF Investment Company affiliated to the Iran Petroleum Pension Fund and Tehran Oil Refining Company, the deal was concluded Monday and AHDAF emerged as the winner offering 32% above the base price for the block of shares," wire services quoted Hossein Qorbanzadeh as saying.
"The base price was 13,970 rials per share, but it shot up by 32.5% in three days of bidding to reach 18,500 rials," Qorbanzadeh said. 
The two main participants collectively made 270 bids.