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Code: 50023 Visited: 353 Publish Date: Jun 26 2018 - 2:41
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IFB
IFB Held AGM/EGM for Fiscal 2017-2018
Tehran, June. 26 (SENA)- Iran Fara Bourse held its annual general meeting on June 25 to review its performance and financial reports for the previous fiscal, ended March 19, during which 150 rials dividend per share and the new board members were approved by the 82% participated shareholders.

Tehran, June. 26 (SENA)- Iran Fara Bourse held its annual general meeting on June 25 to review its performance and financial reports for the previous fiscal, ended March 19, during which 150 rials dividend per share and the new board members were approved by the 82% participated shareholders.

 The extraordinary general meeting followed next and shareholders approved IFB’s capital to rase from 700 billion to 1,000 billion rials, which is a 43% increase, by using 150 billion rials from accumulated profits and the rest from other reserves.

The operational profit was announced 395.77 billion rials and earnings were 446 rials per share. Total assets and shareholders’ equities were 1331 and 1,198 billion rials respectively.

The new board members were approved to be Omid Investment Group, Bank Melli Brokerage, Mellat Financial Group, Bank Pasargad Financial Group, Iran Financial Centre, Tehran Stock Exchange and Central Securities Depository of Iran. The replacements are Pars Arian Investment Group, Saba Taemin Investment Co., and Rana Industrial Group. Tadvin and Hamkaran auditing firms were also chosen, respectively, as the principal inspector and independent auditor of the IFB for the next fiscal.

During the meetings, Chief Executive of IFB Amir Hamouni illustrated the performance of the IFB in terms of the fact and figures. The total market capitalization and trade value have increased by 40% and 25% respectively. IFB hosted 21 new companies in its first and second and eight in the SMEs market. It also witnessed ten new IPOs last year.

Moreover, the third market of Fara Bourse hosted five block trades and 15 underwritings. Four trades were carried out on Intellectual Property Market worth 20 billion rials. IFB also had 21 treasury bills and 22 sukuks listed and gave initial approval for the establishment of ten venture capital funds, which were introduced in the Iranian Capital market for the first time. The nine distinctive markets of IFB recorded 306,665 billion rials worth of financing including IPOs, underwritings, secondary trades of T-bills, as well as capital raises.

In terms of the developments, Hamouni referred to Vachar, a platform for trading derivatives and another platform for merger and acquisition to introduce and market state-owned companies waiting for privatization.

The fixed-income market was quite active for Fara Bourse as it hosted the first Manfa’at sukuk issued by the government and the first equity-based Ijarah sukuk, as well as treasury bills with maturities more than a year. Last year, all the over-the-counter Islamic securities were enforced by the government to be listed and traded solely on the IFB.

Hamouni concluded with IFB’s objective for the next fiscal to be instrument development, better listing arrangements, enhancing SMEs market, expanding businesses based on technology, higher corporate governance, better supervision on the markets and organizing the base market.

 

 

 

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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