Economy, Business And Markets

Karafarin Stakeholder Fails to Find Buyer

Karafarin Stakeholder Fails to Find BuyerKarafarin Stakeholder Fails to Find Buyer

A Karafarin Bank Stakeholder failed to liquidate his stake on Thursday.

The stakeholder, Hamed Hakimi, wanted to sell one percent of Karafarin’s shares but failed to secure a single buyer, Boursepress news website reported on Sunday.

Hakimi was asking 6,000 rials for each of the 85 million shares on offer. The ask price was more than twice Karafarin’s price quotes in the Tehran Stock Exchange.

Karafarin’s shares closed at 2,760 rials on Sunday, advancing 1.62 percent for the day. Hakimi was betting on the recent gains of Karafarin in the TSE to attract a buyer, but his aim was set too high. The lender’s shares have soared 34 percent in the past quarter, rising from 2,050 rials to current price levels.

The Tehran based lender’s market cap is 23.1 trillion rials ($697.7 million at market exchange rate).

The bank was incorporated in 2001, and it is active in commercial banking and investment banking. It also acts as a holding company for its insurance, brokerage, investment, leasing, foreign exchange, and construction companies.

The lender employs over 1,300 people and has over 80 branches.