Persian Gulf Holding's board election meeting failed to reach quorum; Justice Shares hold 24.5 percent of the company

The extraordinary ordinary general meeting of Persian Gulf Petrochemical Industries Company, convened to elect members of its board of directors, did not go ahead. Mehr News Agency reported on Wednesday, 29 July 2026 (7 Mordad 1405), that the meeting failed to reach the legal quorum after some major shareholders either did not attend or left the session, postponing any decision on the management structure of the country's largest petrochemical holding.

Ahead of that meeting, an extraordinary general meeting of the same company had been held with a majority of shareholders present, and a capital increase had been approved there. According to published information, the provincial Justice Shares investment companies hold about 24.5 percent of the holding's shares, making them influential shareholders, and their representative attended the meeting on behalf of the Ministry of Economy. The Social Security Investment Company is another of the company's major shareholders.

The Securities and Exchange Organization had previously written to the company stressing the need to settle its management bodies, elect board members and observe corporate governance requirements. Persian Gulf Holding is one of the largest listed companies in Iran, and a delay in electing its board can affect strategic decision making and the market's assessment of its management stability.