TEHRAN -- With the proposal of the Minister of Economic Affairs and Finance, a new Supervision Council will be established to oversee the ceding of shares of government-owned companies through the Tehran Stock Exchange (TSE) or tenders.

Shares of 389 governmental companies will be ceded to the public via tenders or the TSE in the current year (started 21 March 2002). 194 companies will be ceded to the public via the TSE and the remaining 195 will be ceded through tenders. Five specialized holding companies are expected to produce feasibility studies related to privatization of these companies.

The Privatization Organization (PO) is to privatize 211 companies, out of which, 157 will be privatized through the TSE and 54 through tenders.

Iran's National Industries Organization announced that it is ready to sell 106 of its affiliated companies to the public, of which 25 will be privatized via the TSE and 81 through tenders.

In addition, the Industrial Development and Renovation Organization (IDRO) will be ceding shares in 24 companies through the TSE and 34 through tenders.

Out of 14 petrochemical and oil companies, 8 companies will be ceded through the TSE and 6 through tenders, IRNA reported.