First step of privatization, Transferring Subsidiary companies/ Unveiling the new model of transfers

Khodrocar - According to the President's order regarding the transfer of the shares of car manufacturers, it was planned to take action and the mechanism for the transfer of these shares by the end of September, but after about a month from the time of the announcement, no action has been taken in this regard, and capital market experts say There is a possibility that the transfer of 6 layers, which the Minister of Industry emphasizes, will start with the transfer of the subsidiary companies of automobile manufacturers.

Davoud Moradi, a capital market expert, in an interview with Khodrocar, referring to the recent statements of the Minister of Industry regarding the finalization of the negotiations regarding the privatization of the automobile industry, says: "Considering the undecided issue of the transfer of shares of automobile manufacturers and its effect on the symbol of the two companies in It would have been better for the capital market not to comment on the privatization and transfer of shares of these two companies from the winter of last year to the fall of this year, but to announce any news in this field after taking the initial steps."

Emphasizing that the shares of these two companies are still in the banks' collateral, he adds: "Considering this issue, either there is no determination to hand over the shares of the automobile manufacturers, or there are no conditions for the withdrawal of the shares of these companies from the banks' collateral. that no serious action has been taken yet in the field of handing over car manufacturers."

This capital market expert considers the stock exchange board to be the only way to transfer the shares of these two companies and states: since these two companies are listed companies, according to Article 44 of the Constitution, if the privatization organization seeks to transfer the remaining government shares in these two is a company, the only criterion will be the board of the stock market.

"Since the shares of these two companies are a block and may have management effects and are valuable from this point of view, usually in the block transfers of the privatization organization where listed companies are present, the criterion of the stock market board is determined along with a percentage. It will be determined that based on expert work, the price of the stock market, the day of supply and the percentage will be determined." Moradi continued. 

Referring to the statements of Minister Sammat regarding the transfer of shares of automobile manufacturers in 6 layers, he states: At least in the general policies of Article 44 of the Constitution, layering has not been announced in the field of transfers, unless a new method has been determined in privatization, which The minister of industry intends to unveil it, but nevertheless, it seems that the minister's silence means layering in the field of privatization of the automobile industry, handing over part of the shares of the automobile manufacturing companies and pledging their subsidiaries.

This capital market expert continues: Minister of industry definitely means the transfer of shares of automobile manufacturers in 6 layers, super-stages and 6 issues and challenges that will need to be solved for the transfer of automobile manufacturers but what is clear is that the transfers made in the last 20 years were not layer by layer, rather, the transfers were either in the form of a debt waiver or an auction, or they were priced on the stock exchange board, so layering in the transfer means transfer in 6 stages.

Moradi adds: Therefore, it is expected that the transfer to Delhi companies, the removal of car manufacturers' shares from the banks' collateral, and other such cases are among the expected layers.

Regarding the restructuring of the two automobile companies through divestitures, he also says: One of the emphasis of Article 44 of the Constitution as well as the experience of privatization in the world is the restructuring of the structure through divestitures, in the sense that before the divestment, action should be taken towards the exit of surplus force and the elimination of obligations and then the shares of the companies should be handed over to the private sector so that this sector does not inherit the problems of the state-owned companies and after the purchase seeks to solve the problems of human resources and hidden assets.

According to him, therefore, although restructuring is a suitable measure, currently the government's total assets in Iran Khodro Block are 5 and 17%, and since the ownership and management are not in the hands of the government, restructuring the structure will not make any sense.