The CEO of Sina Energy Group announced the operation of the first phase of the Iran Tire factory in Semnan province, with an annual production capacity of 4 thousand tons by the end of this Solar year.
According to Sina Energy public relations, the unveiling of one thousand billion tomans financing for the development plan of the Iran Tire manufacturing company in the presence of Maziar Hosseini, the economic vice president of the Mostzafan Foundation, Mohammad Sadegh Azimifar, the CEO of Sina Energy group, the CEOs of Iran Tire and Iran’s leading financial and investment companies, vice presidents of Sina Energy group and managing directors of Karisma and Lotos Parsian investment funds were held at Sina Energy meeting hall.
In this meeting, Mohammad Sadegh Azimifar, CEO of Sina Energy group, expressed his satisfaction with this financing and stated: financing of one thousand billion Tomans of Iran Tire shows that the work in the development plan of this company and is being followed in a proper way.
He continued: The financing provided in the Iran Tire project is desirable in several ways; First, in the past, the financing of this project was done for the first time in Mostazafan Foundation, based on the capital market. In addition, it was tried to release the murabaha bonds of this project in a suitable time frame, because the release of these bonds in the last days of last year could have turned into a shock in the field of industry and financial issues, but it was done carefully. The right time was done and the said papers were sold within the legal deadline.
He emphasized: Out of the total of 1,500 billion Tomans in principle approval obtained from the stock exchange organization, the amount of 1,000 billion Tomans equivalent to two-thirds of it has been financed based on the company’s own credit rating, and this issue is a work risk for retail investors. It reduces the capital market and at the same time, it increases the burden of our responsibility because if we are going to see this happen again at the holding and foundation level, we need to be able to be a good partner and fulfill our obligations.
