SAIPA Returns to TSE Trading

Following a 105-day hiatus, the Securities and Exchange Organization reopened the shares of SAIPA, Iran’s second largest automaker, for trading on Sunday after the Tehran Stock Exchange-listed company updated its financial statements. SAIPA’s shares, with a market capitalization of $1.2 billion, dropped 15.01% in value as the trading day closed to reach 1,189 rials per share. Its current earnings per share and P/E ratio stand at 141 rials and 8.43 respectively. The company’s shares have been closed since May 21 due to a 158% diluted EPS for the last fiscal year (March 2016-17). TSE set no trading cap for the company’s return, prompting the significant drop in its value, Bourse Press reported.