The details of the transfer of equity shares were announced – Tejaratnews
According to Tejarat News, the Supreme Council for the Implementation of the General Policies of Article 44 of the Constitution in its 24th meeting, which was held on 12/16/1401
It is stated in the notification of Ehsan Khandozi, based on Article 42 of the Law on the Implementation of General Policies, Article 44 of the Constitution, he approved the following matters: In the implementation of the final part of Clause (A), Note (2) of Article One of the Budget Law of 1401 and according to the approval letter no. 220573 T 560791 dated 11/30/1401, the Council of Ministers approved the method of transfer of new equity shares subject to the aforementioned law as follows.
1. The Privatization Organization is obliged to use the remaining shares belonging to the government in transferable companies to allocate shares to people without equity shares who, until the date of notification of this resolution, are covered by the Imam Khomeini (RA) Relief Committee of the Welfare Organization of the whole country and veterans included in the first three tenths. Are; take action
Only the supply of shares of public listed companies is on the agenda
(2) The amount and shares of the divested companies will be approved by the divestment board only from the companies admitted to the stock exchange and over-the-counter with the proposal of the privatization organization. Article 44 is determined by the said board.
(3) The persons subject to paragraph (11) of this approval will be identified and introduced by the relevant institutions; Verification of non-allocation of equity shares to them in the 1385 to 1395 equity distribution plan will be the responsibility of the privatization organization.
(4) The amount of shares transferred to each of the beneficiaries covered by the Imam Khomeini (RA) Relief Committee, the welfare organization of the whole country and the first two tenths of the income of martyrs covered by the Martyr Foundation with a 50% discount and to the beneficiaries of the third income tenth of martyrs covered by the Martyr Foundation Without applying a discount, it is equivalent to a maximum of one hundred million Rials in annual installments for 10 years, which will be settled from the annual profit of investing companies.
(5) The companies subject to paragraph (1) (2) of this approval are obliged to deposit the transferred dividends to the account of the privatization organization at the national treasury during the contract period and in order to settle the installments. The notification of approval will be determined by the Ministry of Economic Affairs and Finance until the end of the liberalization process, and after that through the Center of Equity Investment Companies or any other mechanism that will be approved by the Supreme Council of the Stock Exchange with the proposal of the Ministry of Economic Affairs and Finance.
(6) The total shares transferred until the end of the installment period will be placed in the intermediary code of the privatization organization and will be pledged. The release of the said shares will be done after the full settlement of the installments and in a phased manner in three stages.
(7) The privatization organization is obliged to propose the necessary mechanism for the final transfer of new equity shares to this council after the approval of the final model for the transfer of equity shares of 2015.
Click here to view the approval letter.
Source: Tasnim