29 Mar 2024
Thursday 5 May 2016 - 14:21
Story Code : 212620

51mn of Iran firm shares sold via SWIFT



Iran says a foreign company has purchased 30 percent of one of its leading detergent producing brands for a total value of around 51 million through SWIFT what is already seen as a breakthrough move in the countrys stock market.

The purchase has been carried out through Iran Fara Bourse (IFB) also known as Farabourse which is an over-the-counter market for securities and other financial instruments in Tehran.

The IFB says on its website that the foreign company has made the payment through mechanisms provided by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

The name of the company and the details of its purchase have not been specified by the IFB. However, speculations are already rising in Irans media that the foreign company that has made the breakthrough purchase is Germanys Henkel one of the largest household and personal care manufacturing companies in the world. The company whose shares Henkel has purchased is Pakvash is believed to be its local partner in Tehran.

Henkel Pakvash is a publicly listed company in Tehran Stock Exchange and producers household chemicals including detergents.

The fact that Henkels purchase has been carried out through SWIFT could be a landmark move to prove that the mechanism is operating after the removal of the sanctions against Iran.

Based on a multiple-year regime of sanctions, SWIFT had been blocked to Iran. The blockade, however, was removed when the sanctions against Iran were lifted in January.

The government of President Hassan Rouhani has been facing criticisms at home lately that SWIFT is still off-limits to Iran even after the removal of the sanctions.

By Press TV

https://theiranproject.com/vdcciiqix2bqse8.-ya2.html
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