The Finance Manager of Sangan steel company Mining and Industries Company announced the implementation of major plans to attract new financial resources in 1405 and outlined the latest details of the company’s financing methods.

Speaking on the sidelines of the 1405 Steel Symposium in Isfahan, Abbas Hajtamand, Finance Manager at Sangan steel, said the company was seeking to develop and complete its funding sources beyond revenue generated from product sales. In 1405, the Finance and Treasury departments began implementing substantial plans to diversify financing methods. Alongside traditional approaches, the company has expanded its cooperation with the country’s banking network, including the commencement of effective cooperation with Bank Shahr.

Hajtamand emphasized the company’s focus on modern capital-market instruments. In addition to bank financing, several mechanisms for raising funds through the capital market and the commodity exchange have been planned and are being implemented. These include the issuance of parallel standard forward contracts through the Iran Mercantile Exchange, as well as Murabaha sukuk issued in cooperation with Tose’e Toka Investment Company as another key instrument for large-scale financing.

Concluding his remarks, the Finance Manager said the planned volume of Murabaha sukuk was approximately 2,000 billion tomans (2 trillion tomans). On the Iran Mercantile Exchange, two issuances of parallel standard forward contracts, each valued at 1,000 billion tomans, were also planned. Given the progress made, the company expected all these measures to be finalized by the end of the current year.