Iranian port ops on block
Nearly half of Iranian port and container terminal operator Tidewater will be sold as a block on the Tehran Stock Exchange.
Fairplay has learned that the sale is due to take place on the 3 September and will involve 96M shares, representing 44.5% of the company. About 91M shares will be sold through the Tehran Stock Exchange, with the other 5M shares to be offered to Tidewater employees.
The estimated target price is $1.05 per share, although the final price will be set via auction. The target price implies an overall valuation for Tidewater of $227M.
To participate, interested investors must deposit $3M with Melli Bank of Iran before 2 September (Melli Bank is subject to international sanctions). The successful buyer must pay half of the sale price initially, with the remainder paid in six-month installments over the next three years.
Tidewater handles 40% of Iran's port operations and 93% of its container movements. It reported profits in the 2007-8 financial year of $50.5M