The Iranian government’s decision to encourage the private sector to
participate in marine transportation was taken some twenty years too late.
When the decision finally came, Arya Shipping Lines was the first to take
advantage of this golden opportunity.
Although the commissioning process of the company postponed due to departuring some of the first founders.
But finally the company was about to be established on July 2003 and the one month later the registration was also approved by the Ports and Shipping Organization.
Share Subscription was conducted at the month of January 2004 and finally the company was registered on 07 July 2004.
Lines ’s first
General Assembly of Founders (the statutory meeting) was held on 8th
April 2004, with about 70% of its shareholders present. In this meeting
the draft of the company’s Articles of Association and the company’s
22.5bn Rials share capital were sanctioned. The founding partners and
subscribers initially paid 50% of the capital. It was also decided that
the company’s capital would be divided into 22.5m “Registered” shares each
with the nominal value of 1000 Rials. The scope of the company were drawn
up and approved as follows :
selling, chartering and/or mortgaging any type of vessel ;
selling, chartering and/or mortgaging equipments used in loading and
unloading and container;
all types of marine vessels;
human resources and financial aspects of marine activities;
Management of ports ;
Investing in other companies with the same line of activities through
partnerships in establishing or purchasing or subscription of shares ;
Participating in any authorised commercial activity.
Also according to the last minutes of the Annual General Assembly dated 11 June 2013, the capital of the company increased from 117,720,000,000 Rials to 298,000,000,000 Rials.
This increase came from the surplus of valuation renewal of part of company’s assets according to the expert report