TSE: Offers Dana Insurance to Public

On 17 August 2010, in compliance with the privatization scheme, 5.2 Million of equity shares of the state-owned Dana Insurance Co. (third listed insurance company), equivalent to 5 percent of its total shares, was offered by the Iran Privatization Organization on Tehran Stock Exchange (TSE) at the price of 26,100 Rial (0.25 US dollar) with the total value of 13.6 billion Iranian Rial (USD 1.3 million). Dana Insurance Co. was established in 1975 with the participation of Commercial Union Insurance Company as a public joint company with the prospect to work in all fields of insurance industry. In December 1989, in accordance with the Insurance Companies Governance Law, nine nationalized insurance companies (Aria, Omid, Pars, Tehran, Tavana, Hafez, Work & construction, East and national) were merged to form Dana Insurance Co. and it started operating as an insurance company specialized in the field of individual insurance. The real activities of Dana Insurance Co. started early in 1997