HiWeb Returns to TSE Trading

HiWeb has returned to trading on Tehran Stock Exchange after a month-long period of having its ticker symbol frozen over its recent merger agreement. The 4-trillion-rial ($97.56 million) ISP resumed trading on Tuesday with a price fluctuation cap of 5%. Its shares grew 4.98% to 5,034 rials. Signed on October 29, the agreement entailed HiWeb merging with its rival Pars Online through absorption of all the latter’s shares, with the two companies operating under the HiWeb brand. The Securities and Exchange Organization closed the company’s shares the same day, citing the deal’s insufficient financial details as the cause. HiWeb had floated 10% of its shares in an initial public offering at TSE back on Sept. 13 with the price of each share discovered at 4,795 rials.