If the interests of the shareholders of Isfahan Refinery are not secured, we will complain to the inspection and the stock exchange

In a letter, the shareholders of Isfahan Refinery demanded to secure their interests.

Yesterday, Energy Press investigated Sepahan oil stocks in a report that Isfahan Oil Refinery has decided to buy 33% of the company’s shares at a price of 150% more expensive, i.e. at a price of more than 23 thousand billion. This transaction is suspected to be organized crime, and the representatives of Refah Bank and Equity Shares have also remained silent on this matter.

In this regard, the basket holders have written a letter addressed to the CEO of Isfahan Refinery Company, the text of which you can read below:

“Following the news spread among the people of the market and the capital and your highness’s approval in the recent visit of a group of analysts to the refinery, it seems that the Isfahan refinery is considering to participate in the auction to buy 33.4% of the shares of Sepahan Oil Company, which is offered by Taban Petrochemical Company. to do In this regard, we present some things to your Excellency.

Examining the advertisement for the transfer of Sepahan Oil shares shows that Taban Farda Petrochemical has announced the base price of the company in the auction at least 12,600 rials, equivalent to 70,560 for the entire Sepahan Oil Company. The price of each Sepahan oil share today is in the range of 4600 Rials on 5/31/1402.

There are simple calculations in this chapter that challenge any claim that the base price of the transaction in question is fair. Sepahan Oil Company made a net profit of 4100 billion Tomans in 1401 and based on the latest consensus report of analysts, it will make a net profit of 4900 billion Tomans for 1402. In the situation where the average price-to-income ratio of the lubricant industry is 6.2 times for the profit of 1401 and 5.8 times for the profit of 1403, the purchase by Isfahan Oil Refinery Company with a price-to-income ratio of 17 times for the profit What is the logical reason for 1401 and 14 times for the profit of 1402?

It is hoped that the managers of the company will consider the resources of each shareholder, whether wisdom or otherwise, in the same way and show that regarding the way of using the company’s property, they consider the interest of the company and all the shareholders before anything else. Otherwise, small shareholders will resort to all available legal tools, including filing a complaint with the Securities and Exchange Organization and the General Inspection Organization of the country, in order to avoid the occurrence of gross negligence in the company’s administration and the waste of financial resources and interests of the company and the huge number of small shareholders. Isfahan Refinery to prevent. »

Now we have to wait and see how Isfahan Refinery Company will respond to this letter and the demands contained in it.