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Report: Consortium takes controlling stake in Iran's Alborz Insurance

A consortium bought a 17.14% stake in Alborz Insurance Co. from the Iranian government, increasing its ownership in the company to 51.27% from 33.93%, Iranian newspaper the Financial Tribune reported March 5, citing Bourse 24.

The consortium comprises the Civil Servants Pension Fund; Agricultural, Rural and Nomadic Pension Fund; and Social Security Investment Co. It acquired the stake, amounting to 693.6 million shares, for 1,301 Iranian rials per share.

The shares were sold by the Iranian Privatization Organization on behalf of the government, with 30% of the payment to be made in cash and the remaining in installments over four years, according to the report.

As of March 2, US$1 was equivalent to 37,355 Iranian rials.