News ID : 4272
Publish Date : 20 January 2021 - 09:03
The credit ceiling of the two major automakers was announced yesterday by the Monetary and Credit Council, which, as in previous years, in the last months of the year, limited facilities were granted to automakers, which experts believe will only deepen the debt swamp of automakers. And perhaps only the reform of the automakers' structure and the transfer of property should be considered the strength of this resolution.
Khodrocar - Yesterday, important news affected the growth of two attractive shares of the automotive group, and that was the announcement of the decision of the Monetary and Credit Council regarding the credit ceiling of Iran Khodro and Saipa companies with the country's banking network.

According to this communiqué, the restrictions set forth in paragraph (5) of the one thousand two hundred and eighty-fifth minutes of the council dated January 3, last year for another year for the country's banking network to extend previous facilities and the possibility of granting facilities and securing new securities. Will be extended.

The granting of 50,000 billion Rials in facilities by banks (Iran Khodro and Saipa) each with 25,000 billion Rials by paying at least 80% of the facilities for claims to the parts manufacturers has been the main focus of this communiqué.

The Ministry of Industry is also required to submit a plan to reform the structure of these companies within three months and monitor the transfer of shares and surplus property of the two companies (transfer of at least 15% of Parsian Bank shares) within a year and report to the Central Bank in Announce quarterly sections.

"The payment of this amount of facilities is in a situation where we are approaching the last days of the year and car manufacturers are facing a lack of liquidity. It is necessary to provide liquidity to parts manufacturers and cover their costs, so with the current government pricing system prevent the cessation of production facilities for automakers.” Saeed Madani, former CEO of Saipa group.

"In practice, there will be no major pain for the automotive industry, because the debts of car manufacturers have reached heavy figures, while high amounts are also received by brokers in the market.” He said.

"Earlier, promises were made to transfer the shares of automakers within two years, but in practice nothing happened, while the first step in reforming the structure of automakers is to determine and assign the share status of automotive companies.” He said.

"With this action, the authority will be transferred to the CEO, and the companies will intervene in the shareholders of the automakers, despite the small shares, so the task of these shares must be determined. However, in the parliamentary investigation report, this issue is fully explained so that the stock, which is in the name of car companies, must be assigned or listed on the stock exchange, and if the government is to remain, the government will buy it.” He said.

"The board of directors should be elected in the assembly and from among those who have been voted by the shareholders, so that the automotive industry can be reorganized by making a commitment, so in the first step, it is necessary to determine the shareholder status of the automakers.” He mentioned.

"The obligatory prices will cause losses to car companies and will stop capacity building programs and development projects. Eventually, the pressure will return to the government.” He called.

"After assigning the shares of the companies, the privatization of the automobile industry should be done. The companies are pressured to sell their subsidiaries, while it happens that some of these companies are loss-making because with Mandatory prices are active and loss-making, so they do not have high stock value, but in the end, automotive subsidiaries are loss-making, and selling them does not provide much liquidity to the automaker, and its only advantage is that it prevents more automakers from losing.” He added.

In the end, he emphasizes the non-implementation of this process until the end of the 11th government.

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