Why Did SOCAR Decide to Sell Part of Shares in Turkish Petkim?
The company SOCAR Turkiye Energy (daughter of SOCAR) will sell 3.4% stake in the Turkish petrochemical holding Petkim, Turkish media reported.
In general, the sale scheduled for February 5 in the stock market will regard 34 million shares of Petkim. The nominal value of each share is 4 lira.
The buyer of the shares is expected to be BCM Global Fund Ltd.
As a result of this transaction, the share of SOCAR Turkiye Energy in Petkim will reduce from 61.32% to 57.92%.
According to Turan, after it was reported that SOCAR puts 3.4% of its share on the sale, the holding Petkim shares have risen by two points. Businesses perceived that information positively, as the operational and financial performance of the petrochemical holding company in Turkey for all the quarters of 2014 (the last quarter has not yet been made public - Ed.) was positive.
Note that in the I half of 2014 the turnover of the holding amounted to 2.44 billion lira, and the utilization rate of production capacity, increasing 9%, reached 90 percent. In January-June complex Petkim earned 55 million Turkish lira of net profit, which is 11 times higher than in the same period of 2013.
Thus, SOCAR by selling a small share will earn both from the transaction (approximately $ 56.6 million) and from the rise in prices for the common stock. It is worth noting that when SOCAR purchased Petkim in 2008, the shares of the holding cost 1.2 lira. -12B-
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- Politics
- 4 February 2015 18:39
Economics
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