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Alborz Insurance Company’s Controlling Stake Sold

Alborz Insurance Company’s Controlling Stake SoldAlborz Insurance Company’s Controlling Stake Sold

The government successfully sold its shares in Alborz Insurance Company on Saturday to a consortium made up of pension funds and an investment company.
A total of 693.6 million shares, constituting a 17.14% stake, were offered by Iranian Privatization Organization on behalf of the government with a base price of 1,275 rials (about 3 cents) per share, 30% of which were to be paid in cash and the rest in four-year installments.
The consortium, made up of Civil Servants Pension Fund, Agricultural, Rural and Nomadic Pension Fund, and Social Security Investment Company, purchased the stake at a rate of 1,301 rials per share and increased its total stake in Alborz Insurance Company to 51.27%. 
The two funds and SSCI already had a 33.93% stake in the insurer, Bourse 24 reported.
 

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