No Buyer for Struggling Steelmaker

EghtesadOnline: A 45.31% stake in Ahwaz Rolling and Pipe Mills Company offered by the Iranian Privatization Organization on Sunday failed to attract any buyers.

News ID: ۷۸۱۹۳۵

27 February 2018

The organization put up over 1.7 billion shares valued at 1.27 trillion rials ($27.21 million) for auction, with each share priced at 750 rials (about 1.6 cents). Twenty-five percent of the figure was to be sold in cash and the rest in four-year installments. The organization has yet to announce another date for the sale. ARPCO’s financial statements on Codal.ir show that the steelmaker has 5.23 trillion rials ($116.36 million) of accumulated losses while its total nominal capital is 3.76 trillion rials ($83.68 million). Its shares on the over-the-counter-exchange Iran Fara Bourse were traded for 470 rials (1 cent) each on Sunday. Established in 1967, ARPCO is located in the southern Khouzestan Province and produces ingots, flat steel and various types of steel pipes, according to Financial Tribune.