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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Iran state telecoms firm privatised in eight-bln-dollar deal AFP - Monday, September 28 Send IM Story Print TEHRAN (AFP) - – A majority stake in Iran's only state-owned telecommunications firm was sold on Sunday to a private consortium in an eight-billion-dollar deal, the largest privatisation in the Islamic republic. Three Iranian firms, part of a consortium named Etemad Mobin Development, bought 50 percent plus one share of Telecommunication Company of Iran for 78.191 trillion Iranian rials (7.8 billion dollars or 5.3 billion euros), state television reported. The deal, which had a base price of 3,400 rials (34 cents) per share, was completed in just 35 minutes during Sunday's trading hours on the Tehran Stock Exchange. The winner outbid another group led by the Iranians' Economy Investment Company of Mehr -- formerly called Basij Loan Institution -- initiated by the elite Revolutionary Guards Corps. The Guards, set up to defend the country from internal and external threats, is also a major economic force because of its overwhelming presence in the energy, financial and construction sectors. "Because it was a high value deal and Mehr has already been making large purchases in other shares, it could not meet the price we were asking," Mohammad Javad Salimi, the broker who handled the stake sale, told AFP. "The winning consortium scored over its only rival because of negotiations, its knowledge of the telecommunications sector and its plans to develop the company's technology," he added. Salimi, the managing director of brokerage firm Bahman, said the purchasing consortium comprised two private companies and one firm partly owned by the government. The state currently has a grip on around three-quarters of Iran's economy and in any such stake sale, the government still retains 20 percent of the equity. Iran's stuttering privatisation drive, launched in 2006 by supreme leader Ayatollah Ali Khamenei, envisages selling 80 percent of state-owned companies in the banking, media, transport and mineral sectors. Economists have criticised President Mahmoud Ahmadinejad's government for dragging its feet over privatisation. In most stake sales, the government hands out 20 percent of the equity in such privatised companies as "justice" shares to the poor and keeps 20 percent for itself. Of the remaining 10 percent, five percent is given to employees of the company and the rest is offered publicly to set a price prior to the majority stake sale. This formula was followed in the privatisation of Telecommunication Company of Iran. Economists have criticised the sell-off process, saying that the stakes sold in most such equity sales do not end up with the real private sector. Meanwhile Salimi expressed the hope that the deal will come to the attention of international investors and also boost Irans's telecommunications infrastructure which is technology-starved. Recommend Send IM Story Print News Search Top Stories Gulf single currency should be phased: Kuwait Iran state telecoms firm privatised in eight-bln-dollar deal Signs of life stir Zimbabwe's stock market French PM confirms EDF chairman to be replaced Belgian banks seek millions from Lehman bankruptcy: report More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Scientists make paralysed rats run again Kasparov beats Karpov in chess legends' rematch Belgian banks seek millions from Lehman bankruptcy: report Signs of life stir Zimbabwe's stock market Swine flu vaccines win approval More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Remains of Jesus-era synagogue found in Israel Nanoparticles could pose threat to humans: scientists Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Search Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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