City Council Wants Direct Listing of Tehran Municipal Companies

Tehran City Council ratified a preliminary plan based on which Tehran Municipality will be obliged to offer shares of its subsidiary companies on the stock market. 
The direct listing plan aims to improve financial transparency of TM-affiliated companies, streamline financial structure and improve oversight over their finances.
It also is expected to substantially downsize the organizational structure of the municipality and improve its performance. 
Commenting on the TCC decision, Bahare Arwin, a member of the council’s board of directors, said “this obliges the municipality to draft and present a bill to the TCC in three months,” IRNA reported.