Economy, Business And Markets

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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