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News number: 8808181457

16:51 | 2009-11-09

Economy

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Iranian Consortium Buys Half of TCI's Shares

TEHRAN (FNA)- An Iranian consortium signed a $7.8 billion deal to buy 50 percent plus one of the shares of Telecommunication Company of Iran (TCI).



According to the deputy of Iran's Privatization Company, the related contract was signed Sunday with an Iranian consortium named Etemad Mobin Development that includes three firms.

"The historical deal was signed after an article was added to the $7.8 billion text of the contract according to which the buyer will be committed to the charter of TCI," said Mehdi Oghadaei.

The consortium had already bought the shares, in a transaction, but the official contract had yet to be signed.

The important deal, the biggest on the Tehran Stock Exchange so far, attracted lots of attention as TCI has monopoly over Iran's fixed line infrastructure, Iran's largest cellular operator (MCI), and Iran's major Internet service provider and data communication operator (DCI).