State-owned Bank Sepah will offer 17% of its shares in Omid Investment Management Group, the bank’s investment arm, in the stock market on Saturday.
The move comes after the Central Bank of Iran called on commercial banks to sell their shares in businesses inconsistent with their mandate i.e. lending to business and the people in need.
As per a notice seen on the Tehran Stock Exchange website, 16.486 billion shares of the investment company will be offered at a base price of 31,700 rials per share and buyers can either pay in one go or in installments.