Cooperatives Ministry Controls 10% of Stock Market

EghtesadOnline: Two major banks and 10% of Iran’s stock exchange market are controlled by the Ministry of Cooperatives, Labor and Social Welfare.

News ID: ۷۷۹۳۳۰

20 September 2017

Cooperatives Minister Ali Rabiei added that four pension funds are operated under the auspices of the ministry by the private sector.

He made the statements in a meeting with German entrepreneurs and industrialists in Tehran on Monday, according to Financial Tribune.

Rabiei put the capital of the ministry’s pension funds at $33 billion and said they operate in the sectors of energy, construction, banking, telecommunications and information technology, marine transportation and commerce, Mehr News Agency reported.

“Twelve holdings of Social Security Organization and their affiliated firms are ready to cooperate with German businesses,” the head of the organization, Mohammad Taqi Nourbakhsh who was also present at the meeting, said.

As many as 5.2 million pensioners are covered by Social Security Organization and receive over $12 billion annually.

SSO owns 80 hospitals and 400 clinics. The treatment costs covered by the organization reach $5 billion annually.