Foreign investors queue up for TCI stake

Local press reports from Iran are suggesting that firms from Russia, Turkey, China and Indonesia are chasing a stake in Telecommunication Company of Iran (TCI), the country’s monopoly fixed line operator and largest cellular provider. The Iranian government is seeking a strategic partner to take a 49% stake in TCI, though overseas firms will have to bid in partnership with local companies since the ceiling for foreign ownership has been set at 35%. The sale is expected to go ahead by mid-March 2009. 5% of the telco’s shares were sold to the public earlier this year.