SSIC Subsidiary to Sell Stake in Mobarakeh Steel

Mining News - The sale comprises 3.04 billion shares with a base price of 2,857 rials (about 7 cents) per share and will take place on Tehran Stock Exchange’s first market. If the sale pulls through, Saba’s share in MSC will drop to about 1%.

This will be the current fiscal year’s (started March 21) second block sale of MSC’s shares, following Omid Investment Bank’s unsuccessful offering of a 1.69% stake on April 22.

Saba Tamin is a subsidiary of Social Security Organization’s investment arm, Social Security Investment Company.

Together with its subsidiaries, MSC is the largest flat steel producer in the Middle East and North Africa region and Iran’s largest steelmaker, supplying 20% of the region’s steel demand and accounting for 1% of Iran’s GDP.