At the same time with Raising Capital by %38, IME Announced 250 Rials Dividend

At the IME’s Annual General Meeting, held on Monday morning on June 18 at the Razi convention center, after presenting the report of the Board of Directors for the fiscal year ended March 21, 2018, and describing the major measures and development actions of the IME by Hamed Soltaninejad, the CEO of IME, the company’s financial statements were presented by the Independent Auditor and the Legal Inspector, and stated that the financial condition of the company, as of March 21, 2018, and its financial performance and cash flows for the fiscal year ending on that date, is desirable according to accounting standards, of all the important aspects and the auditor announce his qualified opinion.

At the end, the Annual General Meeting of the IME agreed to pay 250 Rials dividend per share. During the meeting, Behrad Moshar was selected as the Independent Auditor and Legal Inspector. Also at the Extraordinary General Assembly of the company, which was held immediately after the General Assembly, the Extraordinary General Assembly approved raising capital from retained earnings and reserves from 900 billion Rials to 1,340 billion Rials (equivalent to 38 percent).

IME Performance during 1396 Hijri and its Current Year Plans

Also, Hamed Soltaninejad, CEO of IME, during the Annual General Meeting, presented a report on the IME’s performance on the 11th year of the company’s activity and said: “Throughout its years of operation, the IME, as one of the most important elements of the capital market, has been able to play a strong and influential role in the country’s economy, especially in meeting the needs of different sectors of the economy, such as steel, petrochemical, mining and agriculture.

CEO of IME added: Price discovery based on supply and demand mechanism, reducing transaction costs by facilitating access to market information, increasing liquidity based on the creation of a secondary market for transactions, creating a mechanism for financing and pushing it towards justifiable industries, as well as creating the possibility of hedging, are the most important functions of the exchange in line with the boom in the economy and national production.

Soltaninejad announced the number of 5,537 shareholders in the company on March 21, 1396 Hijri, and said about the company’s mission at 1400 Hijri: The IME’s vision is to be the dominant price-setter for basic commodities and intermediate raw materials in the region as well as the preferred option for producers to meet their financing needs and to hedge their commercial risks.

IME’s Trade Value based on Different Markets

By comparing IME’s trade value in different markets during 2017 and the last year, CEO of IME stated that: in the previous fiscal year, the share of the derivatives market increased to 56% of the total value of the exchange, being 48% in the previous fiscal year.

He added: “The trading statistics of various products also indicate that the total value of transactions in the past year increased by 44 percent compared to 1395 Hijri, reaching 11,733 billion Rials, out of which 4,988 billion Rials were traded in physical market and 6,585 billion Rials were traded through derivatives contracts. The value of financial market transactions was also recorded at 160 billion Rials.

IME Highlights during 1396 Hijri

Soltaninejad referred to some of IME’s measures during 1396 Hijri, saying: “Listing 11 new products by different manufacturers, listing 95 new warehouses, launching the first commodity investment fund, launching pistachio certificates of deposit, implementing transactions under Article 33 of the Law on Increasing the Productivity of the Agricultural and Natural Resources for wheat and launching premium contracts are the most important measures of the past year.

Expressing the general achievements of year 1396 Hijri, he stated: achieving the share of 47% of total capital market trade value in 1396, a 44% growth in total value of transactions, a 51% growth in trade value of commodity based securities and reaching 674 trillion Rials, a growth of 34% growth in the trade value of spot market and reaching 499 trillion Rials was part of the important achievements of last year.

Future Plans

CEO of IME regarding the major projects of the IME, which will be developed this year, said: “The development of current instruments on base assets, creating new derivatives instruments, development of commodity-based securities, upgrading and integration of settlement and clearing house systems, development of trading instruments, expansion and development of size and depth of the market, the evolution of the corporate governance and human resources system, and the reform of the company’s financial system are among these macro plans that are foreseen for the year.

He added: “Improvement in the quality of customer service, comprehensive delivery system, improvement of regulatory and inspection processes, rewriting and upgrading existing systems, governance of information technology, improving the quality and data dissemination and promoting systems, and strengthening and managing company’s branding is the other major plans for this year.

Soltaninejad pointing to the important projects for the current year stated that launching future contracts for melted gold, designing and implementing premium contracts, developing a virtual trading system, and comparative studies of IME with selected commodity exchanges in the world are among the most important projects of IME in the current year.