An Iranian semi-governmental pension fund plans to sell a large portion of its shares in domestic coal and iron ore mining companies, Iran Privatization Organization said in a statement on its website Tuesday.
Iran Steel Pension Fund will sell 67.92% of its stake in Iran Central Iron Ore Co., or ICIOC, at a minimum price of Iranian Riyal 39.99 trillion ($1.13 billion).
The fund will also sell off 99.85% stake in Kerman Coal Mines Co. at a minimum price of Riyal 24.05 trillion ($681 million). Both sales will be on November 28.
To encourage investors, 80% of the stock value could be paid in four-year installments, according to IPO's statement.
Iron ore producer ICIOC has nominal capacity of around 6.5 million mt/year of concentrated and non-concentrated iron ore.
