Iran sells $430m stake in Khodro
Tehran, July 14, 2010
Iran's government has sold an 18 per cent stake in Iran Khodro, the Middle East's biggest carmaker, for the equivalent of about $430 million, said a senior Tehran Stock Exchange official.
The offering by Privatisation Organisation was one of the largest on the bourse and the biggest in Iran's auto industry, vice-president Mohammad Reza Rostami told Reuters.
Iran Khodro, which also makes trucks, has a joint venture with France's Renault to make the no-frills Logan, sold in Iran as Tondar-90 and Peugeot's 206 and 405 models.
Rostami said the stake was bought by a consortium of Iranian investors, including Iran Khodro employees, investment firms and pension funds. About 20pc of the purchase price was paid in cash, and the rest would be paid in instalments over four years.
'There was a lot of interest ... several brokers and customers were competing,' he said, adding the government still held 20pc of the company, listed on the bourse for almost 10 years.
Iran, under tightening sanctions from the UN and the US over its disputed nuclear programme, aims to speed up the sale of state assets to attract new capital and help boost the oil-dependent economy. Earlier this year, an official said Iran planned to raise about $12.5 billion by privatising more than 500 firms during 2010-11.
More Motoring Stories
- Qatar Rail backs Gulf Traffic Week
- Citibank in Bahrain F1 tickets offer
- New Renault Safrane arrives in Saudi
- Bentley announces key regional postings
- Jordan dealer launches Jaguar promotion
- New Maserati Ghibli launched in Bahrain
- BMW unveils mobile site, iDrive in Arabic
- Toyota holds body and paint contest in Bahrain
- 330 tonnes of specialist racing cargo for Bahrain
- Automatic licence holders 'can't drive manual cars in Qatar'
- Jaguar Land Rover wins advertising award
- Rolls-Royce to buy key Daimler stake
- Nissan develops ‘smart rearview mirror’
- Dubai Taxi to offer Wi-Fi Internet in cabs
- Infiniti unveils new engine for Q50 Eau Rouge
- Bentley to debut Continental GT Speed at Geneva
- 17 die on Saudi roads daily
- Gargash to build showrooms for China automaker
- Jaguar to launch new sports sedan
- Jaguar Land Rover launches pre-owned programme
- Nissan Patrol sales hit top gear in Jan
- Al-Futtaim wins control of Kenya motor firm
- Dubai RTA, vehicle mortgagers improve service
- Arabian Auto posts 20pc rise in Nissan sales
- Global premiere for two Maserati models
- New Lexus wins Wheels magazine award
- Batelco to hold annual motor show
- Hyundai to unveil Intrado at Geneva
- Bahrain circuit to honour Schumacher
- Hertz unveils big plans for ME travellers