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Novin Investment Bank subscribed the first Istisna Sukuk in Iranian capital market on behalf of Tose'e Melli Mining and Industries Company for raising 1.62 trillion Rials ($45.8 million at market exchange rate) in Tehran Stock Exchange on Nov. 23. The Sukuk, which pays 23% interest annually with quarterly payments and mature in three years. ThisThis issue has been for completing two iron ore concentrate and pellet plants, with a 2.5 million-ton annual output. The plants are located in the city of Sangan, northeastern Khorasan Razavi Province. One is 60% complete while work on the second plant has progressed by only 25%. Continue reading