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PGPIC acquires majority stake in Golestan Petchem Co.

PGPIC acquires majority stake in Golestan Petchem Co.
(Sunday, June 11, 2023) 08:37

TEHRAN (NIPNA) -- Persian Gulf Petrochemical Industries Company (PGPIC) became the owner of 60.4% of Golestan Petrochemical Company's shares after registering a capital increase for the latter company, PGPIC's public relations office said on Thursday.

According to a letter by Ali Askari to the director of supervision over issuers at the Securities and Exchange Organization, published on the Codal disclosure system, PGPIC acquired three billion and 18 million shares of Golestan Petrochemical, equivalent to 60.4%, through a preferential rights waiver on June 6.

Golestan Petrochemical, which will produce urea and ammonia, is one of the development projects of PGPIC, Iran's largest petrochemical holding company. The project, which had less than 20% progress in more than 17 years, will be launched within 36 months with PGPIC's entry.

Golestan Petrochemical's symbol "Shostan", which had been closed since January 7, 2023, was reopened for trading on Thursday and rose by 216%.

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