Iran’s government has sold 18% of automaker IranKhodro Company (IKCO) for a value of US$1.3bn.

The Iran Privatisation Organisation offered 1.13bn stocks of IKCO to the Tehran Stock Exchange

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IKCO manufactures vehicles under 11 brand names – particularly Peugeot models – for both domestic sale and export.

A statement from the Tehran Stock Exchange noted: “The company has become the largest automaker in the Middle East, Central Asia and North Africa. In Iran, it is the largest vehicle manufacturing company, having an average share of 65% in Iranian domestic vehicle production.

“IranKhodro plans to increase its production to 730,000 vehicles by 2011 from around 680,000 in 2010.”

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