Iran Khodro to Sell Shares in Bank Parsian

Iran’s largest automaker, Iran Khodro, is planning to tender a 33.7% block of its voting shares in Bank Parsian, according to a letter sent by Kamran Ataei, the deputy head of IKCO, to the Securities and Exchange Organization dated Tuesday and circulated in social media networks on Wednesday.

The move is part of a mandate by Central Bank of Iran’s Money and Credit Council that required IKCO and SAIPA (Iran's second largest carmaker) back in July to sell part of their assets in six months. Similar moves to sell SAIPA's shares in Bank Parsian had failed in the past.