Economy, Business And Markets

$458m Worth of Gov’t Shares Privatized

$458m Worth of Gov’t Shares Privatized$458m Worth of Gov’t Shares Privatized

The Iranian Privatization Organization sold 219 billion rials ($6.2 million at market exchange rate) worth of government-owned stocks to non-government owners in the last Iranian month (ended March 19).

According to the Securities and Exchange Organization’s news agency SENA, this brings the total value of government shares sold to the public in the last fiscal year (ended March 19, 2016) to 15.9 trillion rials ($458.2 million).

Over 97% of the stocks were privatized in January and February, after sanctions over Iran’s nuclear energy program were lifted by world powers in exchange for limits on Tehran’s nuclear program. The revoking of sanctions sent equities soaring to 35% in the ensuing rally.

The IPO capitalized on the rally and sold off as many companies as it could. It is the government body tasked with privatizing Iran’s heavily state-owned economy.