Iran's Government Sells 18% of Biggest Carmaker, Stake Worth $420 Million

Iran’s government sold 18 percent of the country’s largest carmaker, Iran Khodro, the Tehran Stock Exchange said on its website.

The state sold 1.13 billion shares at 3,687 rials ($0.37) each, according to the website, which didn’t name the buyer. That makes the stake worth about $420 million.

Parsian Brokerage, a subsidiary of privately owned Bank Parsian, bought the shares, the state-run Mehr news agency said, citing Ali Sahraei, markets manager of the stock exchange.

Iran Khodro is Iran’s biggest automaker with an average 65 percent share of domestic vehicle production, according to state-run Press TV. It manufactures vehicles under 11 brand names and has plants in seven countries, according to the channel.

To contact the reporter on this story: Ali Sheikholeslami in London at alis2@bloomberg.net.

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