IME’s capital increases by 100 percent

EghtesadOnline: IME shareholders approved its performance, and the extraordinary general meeting agreed with 100% capital increase for the IME.

News ID: ۷۶۸۳۳۵

19 July 2016

According to the report by the IME’s International Affairs and PR, during the IME’s annual general meeting, after presenting the board of directors’ report for past Iranian calendar year (March 2015-March 2016) and explaining the IME’s highlights and its best practices over the year by Hamed Soltaninejad, the CEO of IME, the financial statements, independence auditor’s report and explanatory notes were presented and it was announced that the IME's financial position, over past year and its financial performance and cash flows for the fiscal year, in terms of all important aspects and in accordance with accounting standards is desirable.

At the end of the meeting, the IME’s annual general meeting approved a 51 riyals dividend per share.  Also, over the meeting, Osool-e-Peye Faragir Auditory Firm was chosen as the independent auditor and legal inspector and Ettelaat Newspaper as the government gazette. Moreover, during the IME’s extraordinary general meeting which was held after the annual general meeting, the extraordinary general meeting agreed with an amendment to the IME’s Articles of Association, Article 3, paragraph 6 and a 100% capital increase from 450 billion Rials to 900 billion Rials through the IME’s retained earnings and reserved find, reports ISNA.

Based on the report, the IME’s CEO, on this meeting, pointed to the exchange’s hopeful events over the current Iranian calendar year and said,” Launching foreign currency futures market, integrating operational systems, implementing article 33 of the law of "Increasing Productivity for Agricultural Sector for maize and feed barley in the country, trading the IME’s stocks in the primary market of the Farabourse (OTC), launching international marketing website, launching trading certificates of deposit for gold, PVC, steel, aluminum, Brazilian maize and saffron, launching a bidding system on transactions and increasing futures contracts trading hours are among the IME’s priorities in this year.

Soltaninejad outlined the IME’s best practices on the spot market over last year as implementation of Article 33 of the law of "increasing productivity of agricultural and natural resources" to meet the guaranteed prices policy for barley and maize in the two provinces of Kermanshah and Khuzestan respectively, for the first time; trading 190 KT of certificates of deposit for maize worth 1,192 billion Rials in Khuzestan province; Trading 302 MT of certificates of deposit for maize worth 2,426 billion Rials in Kermanshah province; identifying and listing 9 warehouses in Kermanshah for feed barley and 26 warehouses in Khuzestan for maize; launching the electronic system for issuing certificates of deposit; identifying and issuing trading accounts for more than 7,000 agricultural suppliers; holding over 3,520 m/h training courses for farmers, managers from selected provinces and Warehousemen; Setting up short message system for beneficiaries, especially the farmers; Launching trading certificates of deposit for gold coins; trading 969 certificates of deposit for gold coin worth more than 9,715 billion Rials.

The CEO of IME added that on the derivatives market of the IME we can refer to issuing the standard parallel forwards contracts on 7 occasions; financing over 6,764 billion Rials through issuing standard parallel forwards contracts; trading 1,695,890 futures contracts; conducting Feasibility Study for maize and bitumen futures contracts; conducting Feasibility Study, developing prospectus and contract specifications for saffron; launching the first phase of the project of "round-the-clock futures trading"; up to 19:00 for the time being; preparation for launching currency futures contracts; and setting up commodity funds as the IME’s most important practices over 1394 hijri.

Soltaninjad said that on the operation and surveillance department of the IME the best practices could be described as trading 23 million tons commodities on the various trading floors; listing 100 new permissions for brokerage activities; listing 61 new types of already existing commodities including 57 domestic commodities and 4 imported commodities on the spot market of the IME; listing 3 new domestic commodities; listing 34 commodities from 22 domestic manufacturers and a foreign supplier on the side-market of IME;  listing 10 standard parallel forwards contracts for different products; setting National Standards for warehousing system–warehouse equipment specifications; developing and updating guidelines for quantity and quality control of agricultural products.