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HiWeb Again Barred From TSE Trading

HiWeb Again Barred From TSE TradingHiWeb Again Barred From TSE Trading

Just a week after returning to trading at Tehran Stock Exchange, Iranian Internet service provider HiWeb was again barred from trading on Wednesday. The Securities and Exchange Organization froze ISP’s shares on 11:45 a.m. due to “new ambiguities stemming from share evaluation,” said Mohammad Alizadeh, the head of SEO Issuers Supervision Department.

HiWeb will soon put up 17% of its shares for sale to raise funds for a merger deal made with its archrival, Pars Online, back on Oct. 29. The first time the ISP’s shares were barred from trading was on the very day the merger agreement was signed.

Over 91.4 million of HiWeb’s shares valued at $13.57 million were traded on Wednesday, with the price of each growing 5% to 6,270 rials.

Following SEO’s announcement, all HiWeb trading for the day were nullified.

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Financialtribune.com