IRILS refutes pushing LSE listing

News ID: 3933205 -
TEHRAN, Mar. 15 (MNA) – The Islamic Republic of Iran Shipping Lines (IRISL) has refuted claims that it is planning to put shares for sale on the London Stock Exchange (LSE).

In a report on Monday, Reuters had announced that top executives from the IRISL had held meetings in London to discuss a possible listing on the LSE. However, it said the company’s attempts to that effect had so far been thwarted by US sanctions that still scare banks off Iranian businesses.

It also added that the complications that were stonewalling Iran’s efforts showed how far Tehran still remained from its goal of integrating fully with the global economic mainstream after the removal of US-engineered sanctions against the country last year.

Meanwhile, IRISL's Public Relations Department Director Mehdi Habib Beigi described the news report as ‘totally false’ adding “the company had no plans to float its shares on the LSE.”

According to Reuters, the Islamic Republic of Iran Shipping Lines (IRISL), once more trading between the country and Europe following the removal of economic sanctions, now appears to be trying to organize a listing on the London Stock Exchange. However, the continuing presence of US sanctions, as well as suggestions from the new administration of Donald Trump that they are likely to remain in place, and possibly added to.

The IRISL has a fleet of 26 ships and is pursuing an ambitious plan to become a leading global player in maritime transportation.

Last December, the company signed a contract with South Korea’s Hyundai over the building of 10 ships at a total price of $626 million.

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