Transfer of shares in Persian Gulf Petrochemical Industries

According to Energy Press, one of these approvals was the transfer of 4% of the shares of Persian Gulf Petrochemical Industries worth 62 trillion tomans. The important point in this transfer will be that these shares will be non-management and will not be subject to the executive instructions for the selection method of strategic customers.
Transfer of 100,000 preferred units of the first refining unit based on the qualification assessment
The transfer of 100,000 preferred units of the first refining unit ETF owned by the National Iranian Refining and Distribution Company with a total base value of 51.3 trillion tomans through a public auction and in accordance with the procedures for holding auctions for enterprises subject to transfer was another approval of the transfer board.
This transfer will be in accordance with the procedures for holding auctions for enterprises subject to transfer, the subject of the law on the implementation of general policies of Article (44) of the Constitution, and in compliance with the executive instructions for the selection method of strategic customers and the verification and monitoring of management qualifications in transfers.
Accordingly, it was also decided that after the transfer, the fund’s articles of association will be amended in accordance with the capital market regulations.
Transfer to market makers to increase liquidity and maintain market balance
The Transfer Board also reviewed and amended the manner of complying with capital market regulations regarding the requirement for listed companies to conclude a market maker agreement with the Privatization Organization. Accordingly, the Privatization Organization is authorized to proceed with the conclusion of a market maker agreement for shares of listed companies in the capital market, in coordination with the Securities and Exchange Organization and the relevant stock exchange, and this organization can transfer a maximum of one percent of the shares of the companies subject to transfer to one of the financial institutions under the supervision of the Securities and Exchange Organization; these institutions include state-owned banks or non-state public institutions. The transfer of shares will be carried out in cash and at the price of discovery.
Continuing the use of this mechanism will be possible by using the capacity of the Joint Market Development Fund, and the amendment of the statute of this fund will be made at the discretion of the Privatization Organization and the Securities and Exchange Organization.
These measures have been taken to increase the liquidity of Persian Gulf Petrochemical Industries shares, maintain market balance, and implement the general policies of Article 44 of the Constitution. The continuation of this mechanism will also be possible by using the capacity of the Joint Market Development Fund and after amending its statute.