The Iranian Privatization Organization (IPO) has announced that it was unsuccessful in its bid made last Sunday at the Tehran Stock Exchange to sell a 20 percent block of shares (i.e. a total of 3.1 billion shares) in the state-owned steel producer Mobarakeh Steel.
Commenting on the failed sale, IPO deputy head Mehdi Aqdaei said that the deadline for the sale passed and that no buyer, either local or foreign, had been able to pay the 10,232 billion rials ($1,096 billion) to buy the 20 percent stake in the steel company.
Mr. Aqdaei said that the IPO had earlier predicted the failure of the sale. He added that the shares in question would now be sold in four five-percent blocks, with the first block worth 3,000 billion rials ($321 million) to be put on sale on November 27.