Iran: Govt to receive $58 mln from sale of stakes in 3 insurers
Source: Middle East Insurance Review | Feb 2018
The Iranian Privatisation Company has announced the dates on which government shares in three insurance companies are to be divested to the private sector. The government stands to collect a total of IRR2,125 billion (US$57.9 million) from the sales.
The government’s holding of a 17.34% stake in Alborz Insurance, as well as stakes of 18.84% and 11.44% respectively held in Asia Insurance and Amin Reinsurance, are to be divested in the capital market on 6-7 February, reported Financial Tribune.
The state’s stake in Asia Insurance, which boasts a capital of IRR2.3 trillion, amounts to more than 433 million shares. Each share is to be divested at a base price of IRR1,920, bringing the total value to more than IRR832 billion.
The government owns more than 693 million shares in Alborz that has a total capital of IRR4 trillion. As each share is to be sold with a starting price of IRR1,275 on the bourse, the value of this holding exceeds IRR884 billion.
Amin Re’s capital amounts to IRR2.5 trillion. With a base price of IRR1,432 for each share to be divested in the over-the-counter Iran Fara Bourse, the total value of the company’s state-owned stake of more than 285 million shares amounts to IRR409 billion.
After the shares are sold, Iran Insurance and Dana Insurance will remain the only state-owned firms, but following a Cabinet decree, the stake in Dana is also to be divested soon. M
IRR1,000 = US$0.03