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Tabarok Blames Bank for Buyback Failure
Economy, Business And Markets

Tabarok Blames Bank for Buyback Failure

Tabarok, a large industrial company, has blamed Bank Sepah for its current share repurchase crisis. In a notice published on its website, the company told its shareholders that “despite their effort over the last two months, it has been unable to pay dividends to the shareholders.”  The notice says the sluggish market has been a factor for the conditions but it also alludes to the failure of Bank Sepah to cancel a sales contract of a skyscraper in Tehran worth over $33 million.  Akhbar Bank website reports that the contract involved a purchase of a high-rise building in Tehran belonging to the bank by Tabarok. But now that the company is forced to buy back its stocks from shareholder, it wants to cancel the contract and has requested a refund. Bank Sepah has so far refrained from annulling the contract. The company has also posted a letter by the Ministry of Industries, Mines and Trade, which pleads with Bank Sepah to cooperate with Tabarok Company on the issue.  

 

Short URL : http://goo.gl/qgXkRY

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