Major Chain Store to Go Public

About 52% of Refah Chain Stores Company’s shares worth 3.8 trillion rials (about $102 million) belonging to four major banks are being offered to investors in the domestic stock market (starting March 11), managing director of the company, Farshid Golzadeh Kermani, announced on Wednesday. Iranian weekdays start on Saturday. “Five Iranian banks own 62% of the company’s shares. Bank Mellat, one of the shareholders, offered 10% of its shares worth 750 billion rials ($20.13 million) to the public in February,” IRNA quoted him as saying.  He put the nominal capital of the company at around 10 trillion rials ($268.52 million) and said Refah Chain Stores Company is one of the top 100 national brands with 230 branches across the country.