Economy, Business And Markets

No Buyer for Struggling Steelmaker

No Buyer for Struggling SteelmakerNo Buyer for Struggling Steelmaker

A 45.31% stake in Ahwaz Rolling and Pipe Mills Company offered by the Iranian Privatization Organization on Sunday failed to attract any buyers. The organization put up over 1.7 billion shares valued at 1.27 trillion rials ($27.21 million) for auction, with each share priced at 750 rials (about 1.6 cents). Twenty-five percent of the figure was to be sold in cash and the rest in four-year installments. The organization has yet to announce another date for the sale. ARPCO’s financial statements on show that the steelmaker has 5.23 trillion rials ($116.36 million) of accumulated losses while its total nominal capital is 3.76 trillion rials ($83.68 million). Its shares on the over-the-counter-exchange Iran Fara Bourse were traded for 470 rials (1 cent) each on Sunday.


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