Vamco’s Activity History
Vamco, a vehicle axle manufacturing company, was established on January 20, 1988, to produce and assemble front and rear axles for diesel vehicles. The establishment was financed by the Bank of Industry and Mine. For this project, representatives of the bank held negotiations with companies such as Benz (Germany), Mann (Germany), Raba (Hungary), Volvo (Sweden), Iveco (Italy), Eaton (England), GKN (England), Steyr (Austria), and Krupp (Germany). Only Volvo, Iveco, and Benz responded positively to the negotiations.
In late June 1988, following numerous negotiations between the Organization for Industrial and Mining Development and relevant companies, it was agreed that the Development Organization would also be involved in this project through related companies. Eventually, the share composition of the Vehicle Axle Manufacturing Company consisted of 89.3% Iran Khodro, 3.2% Iran Khodro Diesel, and 7.5% others.
In 1990, after the negotiations, the Development Organization proposed a change in share distribution, suggesting 75% for the organization and 25% for the bank. However, due to the bank’s opposition and disagreements arising from a lack of understanding, the project was halted in the same year.
Following the suspension of the project, due to the importance of the matter, Saipa Diesel Company encouraged the Development and Renovation Organization to purchase the remaining 86% of the shares of the Vehicle Axle Manufacturing Company. Since the company had not been actively operating, in 1994, Saipa Diesel Company transferred all its shares to the Development and Renovation Organization, and the company came under the supervision of the Planning and Development Deputy.
The company practically started its activities in early 1997. According to the minutes of the board meeting dated May 2, 1997, the executive board allocated 40% of the company’s shares to Iran Khodro and Diesel, 30% to Iran Khodro, 20% to Saipa Diesel, and 10% to the Development and Renovation Organization. The company’s general assembly was transferred to the Planning and Development Deputy, and the mentioned deputy appointed a new board of directors in early 1997, practical implementation of the plan began from that time.
According to the extraordinary general assembly meeting held on October 5, 1996, the company’s capital increased from 100 million rials to 30 billion rials. In the general assembly meeting held on April 20, 1997, the company’s capital was further increased from 30 billion rials to 100 billion rials. In the extraordinary general assembly meeting held on June 6, 1999, the company’s capital increased from 100 billion rials to 140 billion rials. In the extraordinary general assembly meeting held on January 14, 2003, the company’s capital was increased to 200 billion rials.
Date of Establishment and Registration Number of Vamco Company
The company was established on January 20, 1988, and was registered under number 68730. The company has a founding license (principle approval) numbered 72301-07. As the company was inaugurated and put into operation by the Minister of Industries on February 13, 1999, and received an operating license numbered 14412/01 with a production capacity of 15,000 sets of axles in a single shift.
Vamco’s Subject Matter According to the Articles of Association
In general, the company can undertake all financial, commercial, and industrial operations, transactions, and activities directly or indirectly related to all or any of the mentioned subjects, both domestically
and internationally.
The activities of Vamco include manufacturing axles and differentials for diesel vehicles, including various types of buses, minibusses, and trucks. The company also engages in importing raw materials, equipment, machinery, and necessary supplies for its operations. Additionally, Vamco participates in other companies through the purchase or commitment of shares in existing companies.
