Two of the biggest Iranian auto-manufacturers, Iran Khodro Company (IKCO) and Saipa, will sell their shares in three months.
"Iran Khodro and Saipa will sell their shares in three months," the head of Iran's Privatization Organization, Gholamreza Heidari Kord-Zangeneh, told Mehr News Agency on Wednesday.
"The two companies' shares will be sold based on the country's 2008-9 budget plan. That's why there will be no further postponement," he added.
Kord-Zangeneh pointed out that in order to set a price, advanced financial and accounting methods would be used.
IKCO's Deputy Managing Director Jamshid Imani said early August that the company's debts stood at more than $9 billion and its assets amounted to $10 billion.
Earlier, Iran's Monetary and Credit Council announced that it has agreed to the extension of $1 billion in government-backed rescue package for Iran Khodro, but the rest will be made available after the sale of Iran Khodro's shares through Parsian Bank.
According to Imani, former managers of the company are to blame for the financial crisis in the ailing automaker.
IKCO Chief Executive Javad Najmeddin earlier acknowledged that past investments in the company were not profitable.
© Iran Daily 2009
