KOC AND SABANCI SELL STAKES

Dünya Executive - - OVERVIEW -

The founders of Turkey’s largest conglomera­te, Koc Holding, are selling a 4.22 percent stake in the company worth nearly $478.23 million, according to a filing at the Istanbul stock exchange on Thursday. The Koc family will keep more than 11 percent of the company.

The sale to foreign corporate investors via a private placement at 15.87 lira per share is a 6.8 percent discount from Wednesday’s closing price of 17.02 lira. The sale was made through accelerate­d bookbuildi­ng led by Citigroup. Earlier in May, Koc announced first-quarter net profit had more than doubled to 1.1 billion lira and total revenue rose by 59 percent to 22.274 billion lira. The Sabanci family authorized the sale of a

$100 million stake in its company, brokerage Unlu & Co. reported on Thursday, a 4 percent discount from Wednesday’s closing price, when Sabanci shares closed at 11.10 lira. The share price fell to 10.82 liras early on Thursday, following the announceme­nt. According to Unlu & Co., 21 global corporate investors will take part in the sale transactio­n. Sabanci Holding told Reuters that the respective stake sale was not made by any family members who are currently in company management and that the shareholde­r rate in the transactio­n in question was under the compulsory announceme­nt threshold.

Newspapers in English

Newspapers from Turkey

© PressReader. All rights reserved.