Tehran Stock Exchange offered to the public Bimeh Asia

Wednesday, 23 December 2009

On 23rd October 2009, In compliance with the privatization scheme, 10 percent of equity shares of state-owned Asia Insurance Co. (Equivalent of 45.5 million shares of the company), first time after listing, was offered to the public (IPOed) by the Iranian government on Tehran Stock Exchange at the price of IRR 1486 ($ 0.148) per share with the total value of IRR 676 Billion ($6.7 million). At the time being the paid up capital of Asia Insurance Co. is IRR 455 billion (Equivalent $45.5 million). The earning per share of Asia Insurance Co. for last fiscal year was IRR 293 and it is predicted to slip to IRR 192 for the current fiscal year. Bimeh Asia (Asia Insurance Co.) was established in 1959. The company was registered with the Companies Registration Department under number 6795 in the same year. In accordance with an act of the Islamic Revolutionary Council and the Nationalization of Insurance Institutes bill, Bimeh Asia was nationalized in 1980.