Iran to divest $600m worth of state-owned shares by Sept. 21

TEHRAN,Sept.17(MNA) - Some 7.4 trillion rials ($603 million) worth of shares of Iranian state-run companies will be transferred to the private sector by the end of the first half of the current calendar (September 21), the Iranian Privatization Organization’s director stated. Mohammad-Rahim Ahmadvand told a press conference that last year some 245 trillion rials ($20 billion) in state-owned shares were divested. Privatization of stat-run entities will be accelerated in the current year. Iran has privatized up to 500 companies during the last six years. The Government envisioned a large privatization program in its 2010-15 five-year plan aiming to privatize some 20 percent of state-owned firms each year. The authorities have adopted a comprehensive strategy as reflected in their 20-Year Outlook Plan and the 5th Five-Year Development Plan to ensure the implementation of market-based reforms.