Economy, Business And Markets

Jam Petrochem Shares for Borsa Istanbul

Jam Petrochem Shares for Borsa IstanbulJam Petrochem Shares for Borsa Istanbul

A 15% stake in Jam Petrochemical Company worth over $400 million is set to be offered on Turkey's Borsa Istanbul (BIST), announced the deputy head of Civil Pension Fund Investment Company on Wednesday.

This is the first time an Iranian company is being listed on BIST. According to Mahmoud Shahshahanipour, the sale's preliminary procedures have been carried out and the company's financial statements await the approval of global auditing firms to finalize the offering.

Jam Petrochemical Company, valued at about $2.6 billion, is the world's fourth largest producer of olefin. It is among Tehran Stock Exchange's top 10 large-cap firms. BIST is Turkey's sole exchange entity, combining the former Istanbul Stock Exchange, Istanbul Gold Exchange and the Derivatives Exchange of Turkey.