BREAKING NEWS

Iran sells stake in second largest car maker

By ASSOCIATED PRESS

JULY 22, 2010 11:04

TEHERAN, Iran — Iran has sold an 18 percent stake in the country's second largest car maker to an employee fund.

Iranian newspapers, including economic Donya-e Eqtesda daily, reported Thursday that the shares of Saipa were sold on the Tehran Stock Exchange for $1.6 billion.

Saipa produces some 650,000 cars and trucks annually. It has joint ventures with France's Renault and Citroen, as well as Korea's Kia Motors and Japan's Nissan.

Last week Iran sold an 18 percent stake in Iran-Khodro, the country's biggest car maker, for about $430 million.

Iranian officials are looking to privatize more than 500 state firms through the end of next year in an effort to generate more than $12 billion.

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