Iran`s Telecom subscribers’ deposits to stocks change probable: minister

“The issue would be on the ministry’s agenda in a week time and it was probable that the conversion of the deposits of subscribers of all types of telephone to stocks will go through,” the finance ministrys caretaker, Hussein Samsaami said in speech.
The conversion of the deposits to stock was ruled out previously.
However, the Telecommunication of Iran (TCI) chief, Saaber Feizi, has ruled out the conversion saying the deposits would stay with the TCI as its debt to subscribers.
He had added that such deposits are subscribers’ rights and TCI had no intension of converting them to shares.
The TCI, Irans leading telecommunication company, with 140 trillion rials (14 billion dollars)
assets, was, however, allowed to sell 5 percent of its shares on the Tehran Stock Exchange on Mar 18, 2008 on the assumption that its subscribers’ deposits would be converted to shares.
But since then and due to lack of transparency regarding its subscribers’ deposits which amount to 60 trillion rials (6.3 billion dollars), has caused the sale of its shares on the Tehran Stock Exchange to be postponed repeatedly, even on June 11, 2008, the deadline by the Privatization Organization.

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