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Mining Firm to Sell 16% Stake in May

Mining Firm to Sell 16% Stake in MayMining Firm to Sell 16% Stake in May

Mines and Metals Development and Investment Company, one of the largest mining holdings in Iran’s equity market, plans to put up a 16.1% stake of the firm for sale on May 9. The 3.1 trillion-rial holding controls significant shares of Iran’s main mining companies, including Chadormalou and Golgohar mining and industrial complexes, Afra and Sarmad iron and steel companies and Saba Nour Mining and Industrial Development Company, among others, Bourse Press reported. Bank Refah Kargaran will oversee the sale of more than 4.99 billion shares valued at 40.9 billion rials ($167.1 million) on behalf of Iran Steel Pensioners’ Fund. Each share of this block is priced at 1,247 rials and will be offered on Tehran Stock Exchange’s First Market by Bank Refah’s brokerage. Iran Steel Pensioners’ Fund is the major stakeholder at MMDIC with a 28.7% share, followed by Mobarakeh Steel Company with 19.3%, Social Security Investment Company with 11.4%, Bank Pasargad with 5.4%, Saba Tamin Investment Company with 5.1% and Sadr Tamin Investment Company with 4.3%. About 25.8% of the shares are controlled by a host of companies classified as ‘others’ on the company’s website.

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