SSO to Launch Major Capital Raising Policy
EghtesadOnline: The Social Security Investment Company, the biggest holding company in Iran, plans to increase its capital to a level unprecedented in the history of the Tehran Stock Exchange, the CEO of the company, known by its Persian acronym, Shasta, said.
“Shasta has plans to increase capital via revaluation of its assets,” Mohammad Rezvani-Far was quoted as saying by YJC.
Rezvani-Far estimated the company would raise capital by a whopping 1,200%. “After the increase Shasta’s capital would reach about 1,800 trillion rials [$7.5 billion],” he said. “This could well be one of the biggest of its kind in the history of Iran’s bourse”.
Shasta is the largest holding multidisciplinary company in Iran. It is among the top four large-cap companies listed with the TSE.
It is the investment arm of the Social Security Organization (SSO), Iran’s largest pension fund and biggest insurance company providing services to wage-earners and voluntary coverage to the self-employed.
The multidisciplinary company controls nine company’s operating in a wide range of sectors, including petroleum, petrochemicals, pharmaceuticals, cement, transportation, telecom, shipping and finance. These companies have 187 subsidiaries. In what was billed as one of the biggest listings in Iran’s stock market history, Shasta went public in April 2020 by offering 10% shares.