Tehran, June 10. MOBNA – Privatization Organization has set a deadline for Telecommunication Company of Iran to sell off it shares by the end of current Iranian year (Mar 20, 2010), PO's Deputy said.
“An amendment to this year’s Budget stipulates that all TCI shares should be sold off in the first quarter of this, and that should be done in accordance with the market situation,” Mahdi Oghadayi told Mobna news agency.
“Privatization Organization, however, prefers to postpone the action since it plans to perform international marketing for the sale,” he said.
“The Organization will perform marketing in all Asian, European and African countries and will negotiate with most countries on the issue,” he added.
TCI is Iran’s most profitable state company after the Iranian Oil Company.
30 percent of TCI shares have already been sold off and 50 percent are to be sold in block form.
Of 30 percent shares sold off, 20 percent have been offered as Justice Shares, 5 percent to TCI employees and 5 percent were sold last year on Bourse.
By selling five percent of TCI shares for price determination and trading 2,239,000,000 TCI shares, over 68.8 trillion rials have been added to government assets. The total value of TCI is estimated as around 17 billion dollars.