Revocation of TCI Privatization Cancelled

The Iranian Privatization Organization said on Saturday it has shelved the revocation of the Telecommunications Company of Iran privatization deal because the majority shareholder of the company (Mobin Trust Consortium) has paid off its overdue debts. IPO announced last month it was calling off the TCI deal, which is said to be the largest case of privatization in Iran, due to the buyer’s failure to honor its commitments, IRNA reported. Fifty plus one percent share of TCI was sold to Mobin Trust Consortium in 2009 at 78 trillion rials ($1.95 billion at market exchange rates). Twenty percent of the purchase money were paid in cash and the rest was to be paid in 16 installments of 4.84 trillion rials ($120 million) every six months.