Iran Sells 18% of Saipa Automaker to Employee Fund
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Iran’s government sold 18 percent of its stake in the automaker Saipa to a fund for the company’s employees, the Tehran Stock Exchange said. The shares sold for $1.6 billion after 20 days of bidding, the exchange said.
Omrane Fars Brokerage, based in Tehran, completed the deal, Ali Shourvarzi, a spokesman for the exchange, said in a telephone interview today from the capital. Thirty percent of the transaction will be paid in advance and the rest in installments, the exchange said on its website.