Iran to cede $82b worth of state shares

TEHRAN,Dec.1(MNA) - One thousand trillion rials (about $82 billion) worth of state shares will be ceded by the Iranian government in the current calendar year, the Fars quoted the Iranian Privatization Organization’s head Mohammad-Rahim Ahmadvand as saying on Friday. He also said that a number of petrochemical complexes and power plants will be transferred to the public in the current year. Of November 12, 2006, the Iranian cabinet approved the bylaw for increasing Iranian households’ wealth through expanding the cooperative sector’s share on the basis of “Justice Shares Distribution Scheme”. Under the present interpretation of the Article 44 of Iran's Constitution, hundreds of state-owned companies have been privatized with some of the shares being earmarked for distribution among 'deprived' classes, such as farmers and workers. "In the first tranche, Justice Shares were distributed among 23 million villagers, and many rural workers have benefited under this scheme, according to Press TV.