Customer guarantee failure prevents sale of Persian Gulf petrochemical stocks / Block auction resumes

In an interview with Fars News Agency’s economic correspondent, Hossein Ghorbanzadeh said in response to the question whether the auction of three blocks of 1%, 2% and 15% of the remaining government shares in the Persian Gulf Petrochemical Holding Company was successful this week. : Because the customer guarantee was not provided in the prescribed manner and had defects that could not be resolved, so the supply of three blocks of 1%, 2% and 15% of the Persian Gulf Petrochemical Holding did not have a customer.

He added: “On Monday night, we held a meeting in the transfer committee to hold this block offering auction again, and the announcement of the offer of these blocks will be published next Saturday, January 7, and 10 to 12 days later, these block shares will be offered again.”

Ghorbanzadeh also said that in the case of a 15% block of government shares in the Persian Gulf Petrochemical, a 30% cash dividend and a 30% increase in value or premium will be offered due to the block shares with four-year installments, each of which will be once every 6 months. And after the offer of 15%, blocks of 1% and 2% of shares will be offered.

In response to the question that you announced earlier, the documents of the buyers of the block auctions have been received and whether the companies could not provide the necessary guarantees, he said: “After receiving the documents, there are steps that both the stock exchange organization and the privatization organization must review.” And confirm. Some of the documents are checked for financial viability in the Exchange Organization and some are checked for technical and managerial competence and competency in the Competency Working Group, but did not reach this stage in this week’s auction due to a guarantee problem. Because it was in guarantee of objections that the members of the monitoring working group did not accept those objections and the supervisory institutions and the Privatization Organization and the Exchange Organization did not accept it either.

“There are two or three doubts that need to be addressed,” he said of whether the buyers of the blocks could provide guarantees until the next auction. The first point is whether the supply of government block shares in the Persian Gulf Holding will cause the government to secede from this large petrochemical holding, which first made the petrochemicals that were transferred in previous years profitable after the transfer, and in the previous blocks that the government owned in the Persian Gulf Petrochemical It was transferred and after 7-8 years, the company has been productive.

He said: “For example, when the block shares of this company were in the hands of the government, the National Petrochemical Company spent $ 3 billion in the Persian Gulf Petrochemical Holding, which it could not acquire, but after the transfer, the government was not a major shareholder. The government’s $ 3 billion returned 12 percent of the commission, and after the transfer of a new $ 7 billion, it was invested in the petrochemical holding, which will be reflected in the company’s future revenues.

Ghorbanzadeh also said this: Persian Gulf Petrochemical Holding had a profitability of 45,000 billion tomans last year. Profitability is expected to reach 70,000 billion tomans next year. Therefore, the performance of petrochemicals has improved after the transfer.

On another suspicion, he said: “The importance of the Persian Gulf Holding, which has 17 petrochemicals in its sub-sector, is such that it can not be completely taken out of control and the National Petrochemical Company, on behalf of the government, will carry out governance and regulation work in large petrochemicals.” Gives.

The head of the Privatization Organization also said that the big buyers of large blocks of petrochemicals, due to the high cash portion and the value of the whole blocks, are such that no one buys them, and large law firms that have a significant presence in this industry can be major shareholders. These companies become.

Regarding the pricing problem that some have stated, Ghorbanzadeh said: “According to the general policies of Article 44, which has already been announced, the criterion for companies listed on the stock exchange is the stock price of those companies, and according to the law, according to Article 44 Of course, in the case of the 15% block because it is a board seat, the base price plus 30% is not surplus value or premium, and like Haft Tappeh companies, the price is not based on expertise, but the information of this holding and its subsidiaries. Kadal system There is and the price of the stock exchange board is clear to everyone. On the other hand, our partners have studied the profitability of DDM and FCFE methods of free cash flow management and the relative method P to E, and the average price in these methods does not exceed the price of the stock exchange, and we are required by law to use the price of the board.

He also stated about another meteorite: Some say that the Persian Gulf Holding Company has not revalued its assets, while this issue has no effect on the price per share of that company. The number of shares may increase in the revaluation, but the price decreases in the same proportion, and therefore the revaluation has no effect on the actual price of an asset. In addition, what is in the price of the panel is determined based on supply and demand.

The head of the Privatization Organization added: “On the other hand, the increase in value that had no effect on the 1% block and any customer could buy the 1% Fars block at the price of the sign, but no customer was found, ie the 1% and 2% blocks were offered, but the customer not found.

Ghorbanzadeh said whether there is the necessary liquidity in the market to buy a 15% block of the Persian Gulf Holding: “A 15% customer is different from a 1% and a 2% customer. There is a board seat in the 15% block and the holdings that want to buy it” They can easily provide cash dividends from their subsidiaries and pay 30% surplus value. So there is enough liquidity.

He also commented on the latest news of the transfer of the Magpies: استقلال The financial statements of Esteghlal football team have been submitted to the Privatization Organization, which we are reviewing, but the financial statements of Persepolis Club have not yet been submitted to the Privatization Organization.

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