Economy, Business And Markets

IPO to Raise $390m From Privatization

IPO to Raise $390m From PrivatizationIPO to Raise $390m From Privatization

The Iranian Privatization Organization is selling 14 trillion rials ($390.4 million) in government property in thei current Iranian month to September 21. The assets on sale include an 80% stake in Damavand Petrochemical Co., which will be up for auction, and a 20% stake in Bin-Sina Petrochemical Co. to be sold on the Iran Fara Bourse over-the-counter market. Add to those a 92% stake in Qaemshahr Weaving, a tenth of Dehloran Sepehr Petrochemical Industries Co and 49% of Lorestan Polyester. The government is selling the assets in line with its policy to downsize and improve economic performance.