KOC AND SABANCI SELL STAKES
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.