PGPIC secures license for largest capital market financing via securities

SHANA (Tehran) – The CEO of Persian Gulf Petrochemical Industries Corporation (PGPIC) announced that the holding company has over $12 billion in unfinished projects, stating that a license for the largest capital market financing through securities has been obtained to realize the goal of "investment for production."

Mohammad Shariatmadari noted that the Leader designated the current year (1404 in the Iranian calendar) as the year of "investment for production," adding that PGPIC has launched and implemented multiple plans to secure capital for production-focused investments.

He emphasized that PGPIC has more than $12 billion in incomplete projects requiring funding. As a result, the entire proceeds from the sale will be allocated to completing high-priority projects with significant progress.

The CEO explained that one financing method is securities issuance, confirming the company secured approval to issue 12 trillion tomans in securities. Accordingly, preliminary approval was granted for issuing 12 trillion tomans in lease-backed securities in three phases.

Shariatmadari detailed that each phase will involve issuing 4 trillion tomans in securities with a 23% interest rate, a four-year maturity, and quarterly interest payments. The securities will be issued soon through a consortium of financial institutions and capital market firms, with the proceeds directed toward project completion.

News ID 658940

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