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February 01 2021
The SEO approved the instructions and directives to establish “Project Public Joint Stock Company”, aiming to strengthen the primary market and direct the liquidity to economically justifiable projects. “Project Company” is a public joint stock company, to be set up based upon public underwriting mechanism, aiming to complete and operate macroeconomic projects. The minimum paid-in capital of such companies is IRR 10,000 billion, while founders must commit to provide at least 50% of the company’s capital, either in cash or non-cash. Moreover, the founders are obliged to present in the company until the completion of the project, while deposited guarantees in the SEO, including part of their stocks, on order to complete the project at the announced time. No doubt, the establishment of such companies will not only help to develop the country, but also will lead to a boom in production and employment in line with the resilient economy.