Economy, Business And Markets

2 Heavyweight Firms to Be Privatized

2 Heavyweight Firms to Be Privatized2 Heavyweight Firms to Be Privatized

Iranian Privatization Organization plans to privatize the shares of two iron ore and coal companies on Nov. 27. The sale includes a 67.92% stake in Iran Central Iron Ore Company with a total value of $999.8 million and a 99.85% share in Kerman Coal Mines Company valued at $601.4 million, Securities and Exchange News Agency reported. The IPO will undertake the offer on behalf of Iran Steel Pension Fund, which holds controlling stakes in the two companies. Potential buyers must pay 20% of the value in cash and the rest in six-month installments over four years. Iranian pension funds are in a poor financial state due to years of mismanagement and economic crisis, which has prompted them to sell off assets to keep their heads above water.

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