A seal of approval on IME’s performance by annual general meeting

EghtesadOnline: Holding the IME’s annual general meeting, its shareholders approved its performance and new members of Board of Directors were elected.

News ID: ۷۷۶۵۵۹

27 May 2017

According to the report by the IME’s International Affairs and PR, the IME’s annual general meeting was held on Wednesday, May 24, 2017, in Niroo Research Institute Conference Hall.

During the meeting, the CEO of IME Dr. Hamed Soltaninejad presented the board of directors’ report from March 20, 2016 to March 21, 2017 and explained the IME’s highlights and developmental practices over the year, ISNA reported.

After that, the financial statements, independence auditor’s report and explanatory notes were presented and it was announced that the IME's financial position, over the period 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.

Moreover, the IME’s annual general meeting approved a 150 riyals dividend per share. Also, over the meeting, Behrad Moshar Auditory Firm was chosen as the independent auditor and legal inspector of Ettelaat Newspaper and donya-e-eqtesad Newspaper as the government gazette.

At the end of the meeting, shareholders approved by majority the election of new members of IME’s Board of Directors, so that representatives of Isfahan Steel Company, Tamin Petroleum & Petrochemical Investment Company (TAPICO), Mobarakeh Steel Company, Agricultural Bank Brokerage, National Development Investment Group, Mellat Brokerage Firm, Mehr Ayandegan ( Naft Fund)were elected as board members.

IME’s Highlights during previous year

On the IME’s annual general meeting, CEO of IME announced that the total value of IME in the previous year hit 817,000 billion Rials (approximately23.3 billion USD) and experienced a significant growth of %73.

Dr. Hamed Soltaninejad pointed to IME’s strategic practices on the spot and futures market and expressed that during last year trade value of the IME’s spot market reached 371,000 billion Rial, facing 25% growth. He said that in the metal and mineral trading floor in addition to iron ore, its products also were listed and offered in the domestic market.

He added that during the period the transaction of oil and petrochemical products experienced %26 growths in trade volume and %34 growths in trade value, breaking a record in trade value and volume for petrochemical products.

He said that the ratio of trade volume to offer volume for petrochemical products increased from %49 to %67. Furthermore, the long-term contracts and retail transactions for these commodities were launched and National Competition Council announced its final decision regarding the continuity of offering of petrochemical products in IME.

Meanwhile, CEO of IME referred to the status of trading agricultural commodities over the previous year in IME and stated that trade value and volume of agricultural commodities witnessed growth of %229 and %199, respectively, and 422,000 MT of wheat were traded on this market. Also, over that last year, the guaranteed price plan was implanted for feed barley and maize from all over the country as well as trading pistachio in this exchange. Technical Inspection and listing 73 warehouses for maize and feed barley, as well as collaboration with poultry market players in order to complete supply chain for poultry products in IME are among the other IME’s practices in the agricultural commodities market.

Afterward, CEO of IME pointed to IME’s initiations in the derivatives market and explained that in the derivatives market important measures have been taken in IME leading to an unprecedented record in 4 years for daily, weekly, monthly and yearly trade volume of gold coin futures contract.

In addition, call and put options contracts were launched and the required instructions for the contracts and their collaterals were prepared. Also, instructions regarding listing commodity based exchange traded funds (ETFs) were reformed and administrative regulation for launching and trading commodity based funds were developed and approved by the board of director.

According to the Soltaninejad, evaluating oil and petrochemical products to be listed in futures market, conducting feasibility studies, specifications and prospectus of futures contracts on bitumen, linear low-density polyethylene (LLDPE), as well as maize and saffron are among other measures of IME in the derivatives market.

Pointing to IME’s achievements in certificates of depositary receipts (CDRs), Soltaninejad said that that launching online trading system for trading certificates of depositary receipts, a %185 growth in trade value of CDRs, launching CDRs on saffron as well as launching continuous trading for maize on the domestic production are among the most important achievements of IME in this market.

He outlined the other initiations as signing MoU with Iran Small Industries and Industrial Parks Organization and the Investment Guarantee Fund for, Pakistan Mercantile Exchange, Mellat Bank, Iran Chamber of Commerce (ICC) and Indonesia Commodity and Derivatives Exchange (ICDX).

IME’s Priorities in last year

IME’s CEO, on this meeting, pointed to the exchange’s hopeful events over the last year and said: “launching derivatives market on foreign currencies, trading options contracts on maize and feed barley, launching online trading system for options contracts, trading forwards contracts and commodity swaps, bitumen futures contracts, lunching commodity based funds are among the IME’s priorities in previous year”.