Bank Melli Takes Major Step to Exit Business Holdings; Shefa Darou to Be Offered on 25 Mehr

Bank Melli Iran, as part of its ongoing plan to exit business holdings and divest managed companies, will offer 90.5% of the shares of Shefa Darou Investment Company on the Tehran Stock Exchange on 25 Mehr.

Ambassador Arjan: The Melli Bank of Iran will offer 90.5 percent of the shares of Shafadaro Investment Company in the Tehran Stock Exchange on October 25, following its plan to exit from corporate management and transfer the companies under management.

According to Ambassador Arjan, citing the public relations of the National Bank of Iran, this handover is carried out within the framework of Articles 16 and 17 of the Law on Removing Obstacles to Competitive Production and Improving the Country's Financial System, the policies of the 14th government in the field of banks' withdrawal from corporate governance, as well as the instructions and notifications of the Ministry of Economic Affairs and Finance and the National Bank of Iran.

In this regard, and with the follow-ups carried out in the National Bank of Iran, the process of handing over Shafadaro Investment Company, which is considered one of the most important groups in the country's pharmaceutical industry, has been completed, and the major offering of this company's shares is planned for October 25th in the Tehran Stock Exchange.

According to the offering plan, Dynamic Future Planning and Development Management Company will originally offer 1 billion 996 million 245 thousand 339 shares, equivalent to 73.608% of the total shares of Shafadaro Investment Company, and also, on behalf of National Development Group Investment Company, 458 million 907 thousand 485 shares, equivalent to 16.921% of the shares of this company.

In total, 2 billion 455 million 152 thousand 824 shares, equivalent to 90.529% of the total shares of Shafadaro Investment Company (common stock) with the trading symbol "Shafa", will be offered in a lump sum and in cash or conditionally and in bulk form in the Tehran Stock Exchange.