June 16 2010 - Parmand Telecom - Mobile Company of Iran cannot enter bourse because it is a subsidiary company and as such it has first to sort out its financial links to the mother company, Farabourse managing director announced.

"MCI directors have had many sessions with bourse and Farabourse for independent entry but so far it has been to no avail," Mostafa Omid Ghaemi told Mobna news agency.

"It has first to be determined whether Telecommunication Company of Iran subsidiaries can enter bourse independently, since, according to the Trade Act, such companies cannot enter bourse independently without first sorting out their financial links to mother and sibling companies," he added.

"MCI's incomes and expenses are very much intertwined with other TCI subsidiaries and until they are sorted out it would not be able to enter Farabourse independently," he said.

MCI managing director, Vahid Saddoughi, had announced at his first press conference this year that 5% of MCI shares would be offered on bourse for price determination and the company would make its final decision within 2-3 weeks whether to enter bourse or Farabourse.