The stake, along with an unspecified number of buildings in Tabriz’s El-Golu, was bought by Farokhzad, described as an “entrepreneur and industrialist” based in East Azarbaijan Province, for about 6.88 trillion rials ($163.8 million). MST Company was originally owned by Iran Steel Pensioners Fund. The financially troubled fund was represented in the sale by the Iranian Privatization Organization. The company, established in 1969 by Czechoslovakia, produces a range of industrial products, including turning, milling, drilling, grinding and computerized machinery, according to Financial Tribune.