Middle East Economic Survey

VOL. LII

No 40

5-Oct-2009

IRAN

IRGC Consortium Takes Majority Equity In Irans Telecoms

A private consortium affiliated to the powerful Islamic Revolutionary Guards Corps (IRGC) Etemad Mobin Development Company bought 50% plus one share of the state-owned Telecommunications Company of Iran (TCI) for IR77.985 trillion (around $7.8bn), under an offering on the Tehran Stock Exchange (TSE) on 27 September. These shares were supposed to be floated on the market on 16...