March 15, 2019
President Rohani says the investment arm of Iran’s main social security provider must be privatized as part of a wider effort to scale back inefficient public-sector involvement in the economy.
“The promise I have made to the Majlis and people is that next year will be the year of privatization of large companies, including Shasta,” Rohani said February 25, according to the Iranian Labor News Agency. The company’s formal name is Social Security Investment Co.
Shasta has investments in pharmaceuticals, oil and gas, steel and cement. After international sanctions against Iran were lifted in 2016, the company said it was seeking foreign partners to help manage and expand $15 billion of assets in addition to selling stakes in almost half of 120 companies in its portfolio through public offerings or private equity investments.
