EnglishA private consortium affiliated to the elite military corps of the military Iranian regime, the Guardians of the Islamic Revolution, took over the majority stake of the national telecom operator, in a transaction worth an estimated USD 7.8 billion, making this the largest privatization in Iran.
The "Etemad Mobin Development" consortium, consisting of three Iranian companies, took over au 50% plus 1 share in "Telecommunication Company of Iran".
The transaction, which was concluded at a price of USD 0.34/share, was completed in just 35 minutes, during the trading session which took place on Sunday on the Tehran Stock Exchange.
The consortium which won the auction outbid Mehr Investment Company, previously called Basij Loan Institution, a company created by the Guardians of the Revolution.
The state currently controls around 75% of the Iranian economy. The government keeps a 20% stake in all companies it privatizes. The wave of privatizations, initiated in 2006, could lead to the sale of around 80% of the shares of banks, media, transportation and ore mining.
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