TSE Launches Unofficial Board

As from late September 2006, the Tehran Stock Exchange (TSE) has introduced an Unofficial Board which is in fact a temporary Board. Loss-making, failing to properly isseminate information, and a low level of turnover were parts of the criteria for relegation of TSE listed companies to this new Board. In an official statement, the TSE has informed shareholders and investors regarding the high risk of the companies listed in the Board, adding that purchasing shares of such companies is available both for small and main shareholders, while re-selling them is not available for small shareholders (less than 2.5%). Re-selling shares (above 2.5%) will only become possible after necessary explanations from the selling party to the TSE. Trading in this Board is negotiable and only certain brokers are obliged to trade in this Board based on the decision of the Board of Directors.