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June 2018, No. 87


Banking

Ministers of Economy, Trade Hail Bank of Industry and Mine

Dr. Masoud Karbasian, Minister of Economic Affairs and Finance, and Mohammad Shariatmadari, Minister of Industry, Mine and Trade have praised the Bank of Industry and Mine (BIM), as the first state bank to have successfully transferred the subsidiary companies under its cover to the private sector.

According to the BIM news website, Karbasian, in a letter sent to the BIM (regarding the transfer of 51 percent of the shares of the BIM Investment Company through the Securities and Exchange Organization), said it was a good example whereby the BIM managed to trade its shares at a suitable price.

Also, Shariatmadari in a letter to the BIM CEO noted: “The Bank of Industry and Mine, as the first state bank, and thanks to the support of his ministry and based on sound planning, professional valuation and through legal formalities offered 51 percent of the BIM Investment Company shares under the Securities and Exchange Organization symbol of ‘vasanaat’ at a value of 4,360 billion rials on February 13, 2018.”

The minister further emphasized: “At the time of declaring the transfer of the shares of the BIM Investment Company the table showed 1,130 rials, which by considering the basic price per share of 1,900 rials, it was traded about 68% higher than the price (slightly above NAV)”.

The Bank of Industry and Mine on Feb. 13 traded its 51 percent stake in Industry and Mining Investment Company in Tehran Stock Exchange, marking a successful beginning for transfer of shares of the banks owning enterprises. According to the Securities and Exchange Organization, Iran Industrial Development Investment Company has bought the shares of the BIM enterprise.

 

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  June 2018
No. 87