Publication of ESCO Standard Parallel Forward Sale Papers was Successfully Done
The 1st standard parallel sale papers related to ESCO valued 1,500 Billion Iranian Rials with the annual profit of 24% to 27% was published on Mar. 7th, 2016 through Iran’s goods stock exchange, with the attendance of ESCO Chairman, Engineer Sadeghi, Deputy Managing Director on Planning & Development, Engineer Yazdizadeh, and Iran’s goods stock exchange managing director, Dr. Soltaninezhad as well as Amin Capital Supply Group Managing Director, Mr. Sanginian.
These papers which were specifically for “I” beams size 14, were highly welcomed, in a way that in return for the supply of 111 thousand and 112 tons of beam forward sale papers, there was a demand of 1 billion and 120 million and 940 thousand KG was registered on the transactions’ panel and soon after deals, the financial supply was successfully done.
The Publication of ESCO Standard Parallel Forward Sale Papers Flourishes the Country’s Economy & Industry
ESCO Chairman, Engineer Sadeghi in the ceremony held for the publication of the aforesaid papers said: Banks are one of the solutions for the financial supply of industries with suitable & high financial turn over, for this reason from the very beginning we considered the banks for temporary financial supply.
He further added: since steel production units need cash supply particularly in seasons such as winter and the recession in their long products and the banks do not support and cover this cash money, other financial tools were considered too.
He also said: publication of ESCO standard parallel forward sale papers is one of financial tools which is done by goods stock exchange and dispose at steel producers, though today’s supply is a slight and little figure for a big company such as Esfahan Steel Company but its publication will result in more motivation and flourishes the economy and industry of Iran.
Also in this ceremony Dr. Soltaninezhad reiterated; financial supply is one of the main columns for the survival of production in the country and presently the banks are not considered as financial suppliers, therefore we must resort to some other financial tools and resources. He further added; ESCO is one of the main suppliers of goods and the goods brought by this company to the stock exchange have the highest standards and parameters defined for metallic products.
He went on to say: the product which was presented today in the stock exchange is highly cashable, the value of these papers is totally 2,500 Billion Rials and in its 1st phase just 1,500 Billion Rials was only dedicated to 1ton “I” beam size 14 papers and the total volume is more than 111 thousand tons.
“Amin” Capital Supply Managing Director, Mr. Sanginian also expressed; in the current economic status, banks are not able to provide the financial sources for industries. He further added: one of the ways for financial supply is to publish standard forward sale papers which definitely require creating proper culture amongst the producers and buyers.
At the end, he said; this is subject to the ease of processes in these financial tools to increase the amount of absorption amongst companies.