IRANIAN EQUITY FUND, LAUNCHED OFFSHORE.
Bank Melli Iran Investment Company (BMIIC) is pleased to announce the launch of the World's first Iran country fund, The First Persia equity Fund.
The Fund will be licensed to invest up to 300 million Euros in public equities listed in the Tehran Stock exchange under the Islamic Republic's Foreign Investment Protection and Promotion Act (FIPPA).
Trading at just 5 times forecast 2007 earnings and on a dividend yield of over 15%, the Tehran stock market offers excellent value in both regional and international terms.
The Fund also expects to derive significant benefit from Iran's announced privatization programme under which $100 bn of state holdings are expected to be sold through the stock market over the coming 5 years.
The Fund will be managed by MEHR, a subsidiary of BMIIC with offices in Tehran, Cayman and Dubai and advised by BMIIC, a company with over $1 billion under management in Iranian equities.
As a sign of its commitment and confidence, BMIIC will invest 15 million Euros of its own funds in the First Persia equity Fund.
The Fund, which is closed-end and Caymans domiciled, closes for subscription on July 31st, 2007.
For further information, please contact Stephen Austen, Managing Director, MEHR, in Dubai on 0097142953060 or Stephen.austen@mehr-difc.com
The Fund will be licensed to invest up to 300 million Euros in public equities listed in the Tehran Stock exchange under the Islamic Republic's Foreign Investment Protection and Promotion Act (FIPPA).
Trading at just 5 times forecast 2007 earnings and on a dividend yield of over 15%, the Tehran stock market offers excellent value in both regional and international terms.
The Fund also expects to derive significant benefit from Iran's announced privatization programme under which $100 bn of state holdings are expected to be sold through the stock market over the coming 5 years.
The Fund will be managed by MEHR, a subsidiary of BMIIC with offices in Tehran, Cayman and Dubai and advised by BMIIC, a company with over $1 billion under management in Iranian equities.
As a sign of its commitment and confidence, BMIIC will invest 15 million Euros of its own funds in the First Persia equity Fund.
The Fund, which is closed-end and Caymans domiciled, closes for subscription on July 31st, 2007.
For further information, please contact Stephen Austen, Managing Director, MEHR, in Dubai on 0097142953060 or Stephen.austen@mehr-difc.com
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