Bank Melli's Investment Arm Continues Downsizing Efforts

Bank Melli Iran's investment arm, Tosee Melli Group Investment Company, is planning to continue its downsizing efforts, which started last year, by selling stakes in six of its assets in the new fiscal year (started March 21), TGMIC's investment manager, Abbas Naeemi, announced.
The sales include a 15.48% stake in Pars Carbon Black Company, 46.96% in the troubled home appliance manufacturer Arj Corporation, 33.86% in Iran Transfo, 33.33% in Barez Industrial Group, plus unspecified stakes in Shafa Darou and Tosee Melli investment companies.
Five of the proposed sales, except for Shafa Darou, were first offered last year but failed to attract any buyers.
Shafa Darou's sale can be more attractive for investors compared to other offerings, as the firm's recent initial public offering was warmly received in the market.