TEHRAN- Tasnim news agency reported on Tuesday that Islamic Republic of Iran Shipping Lines (IRISL) has rejected offering of its shares on London Stock Exchange (LSE) initial public offering (IPO).

The news dismissed Reuters’ Monday piece of news quoting four Iranian and two Western sources as saying that Iran's top cargo shipping company, IRISL, has held meetings in London to discuss a possible listing on the London Stock Exchange, but has so far been thwarted by U.S. sanctions that still scare banks off Iranian business.

HJ/MA