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Mellat Investment Corporation
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Leading Investment Company in
Privatization and Globalization
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Ali
Amin Tafreshi, Managing Director and Member of the Board |
At MIC we try to set the standard for our
industry
Company Background:
Mellat Investment Corporation (MIC) was
established in 1992 as a subsidiary of Mellat Bank, with an initial capital of
35 billion rials. In 1996 the company was registered in the Tehran Stock
Exchange (TSE).
Within the first 10 years of the company’s
activities, company’s share capital has been increased to almost 10 times, and
now stands at 317 billion rials. Recently, after a resolution passed at an
extraordinary general meeting, shareholders of the company approved that the
share capital should be increased by 57.7% to a new level of 500 billion
rials.
In the Iranian capital market, there are a few
companies who have been able to exploit the opportunities presented by the
government new strategies i.e.: Privatization and also attraction, promotion
and protection of foreign investment in Iran.
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Dr.
Rasoul Ganji,
Chairman of the Board |
Market Leadership in Innovation:
Mellat
Investment Corporation despite its small size, in terms of market
capitalization, as oppose to other listed investment companies, has taken
major steps to be considered as a leading investment company in various fields
as follows:
1) Being the first investment company who has
obtained quality assurance certificate (ISO-1994) from QMI of Canada in 1999.
The quality certificate was then upgraded in year 2002 to a new version 2000.
2) Being the first and the only listed
investment company, which under the new government rules has been privatized
and the majority of its shares have been taken over by a well-known Iranian
entrepreneur called Dr. Rasoul Taghi Ganji. Dr. Ganji is also a majority
shareholder in a number of other listed companies registered on the Tehran
Stock Exchange.
3) Being the first and the only listed
investment company that with government permission, has welcomed a major
international financial institution to purchase up to 15% of its shares and
allowed to appoint a foreigner as its board member.
4) Being the first listed investment company
who has prepared its 5 year strategic plan in 1998.
Corporate Vision:
The Company’s vision, according to its
strategic plan is to be one of the leading investment companies in Iran with
international operation and cooperation.
At MIC, shareholders are always considered as
our major stakeholder and therefore great attention is being paid to satisfy
their financial requirements.
Corporate Missions:
To achieve our goal, we shall continue to:
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Provide the maximum possible return for our
shareholders.
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Exploit new opportunities in order to improve
our position.
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Be firm on our value system which corresponds
to our target and our society’s demands.
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Improve and maintain our competitive manpower.
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Have a proper presence and activity in
selected international markets.
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Base our relations on customer oriented
culture.
Earning Growth:
The Company, throughout its existence, has
continuously increased its profitability for its shareholders. Only last year,
shareholders of the company enjoyed an increase of 72% on their earning per
share (EPS) compare with the prepared budget.
According to the latest review of MIC’s budgeted
profit and loss statement for the current fiscal year, shareholders will be
enjoying another 49.8% growth in their EPS.
Expansion into Other Markets: 1. Oil, Gas and
Petrochemicals
The Iranian economy is highly depended on oil,
gas and petrochemical industries. A big portion of the annual revenue included
in the Iranian Annual Budget is coming from these sectors. Recently, with the
help of multinational companies, great activities are taking place in South
Pars Gas Fields (the second largest gas field in the world). To exploit these
opportunities MIC has strengthen its market base by buying a large portion of
a company’s shares called SUNFIRE.
SUNFIRE is not only acting in a consortium of 16
other big independent oil and gas companies, but also is highly specialized in
the abovementioned industries.
2. International Financial Market
As part of the diversification strategy, in
order to enter into the international financial market, MIC has acquired a
percentage share of a London based company called FIN2.
Manpower Capability:
Senior management and majority of staff at MIC
are highly educated. This has enabled MIC to employ sophisticated and
integrated hardware as well as software to move towards being the first
investment company with a totally paperless administrative system.
To get to this result the company has taken
major steps to renovate its organization as well as its financial structure.
As a last word and to sum it up:
At MIC We Try to Set the Standard for Our
Industry.
www.irmic.com
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