Azerbaijan’s state oil company SOCAR is selling 3.4 percent of the Turkish petrochemical complex Petkim’s shares package in free circulation in the stock exchange to the International Investment Fund, said Turkey’s Public Disclosure Platform June 5.
Earlier it was reported that Petkim’s shares are being sold for four Turkish liras each to the foreign funds operating in the US and engaged in investment activities in international markets.
Unlu & Co acts as an intermediary in the sale of shares through the Istanbul Stock Exchange.
Earlier, the head of SOCAR Turkey Enerji, the member of the Petkim petrochemical holding company’s board, Kenan Yavuz said the deal is an indication of high confidence in SOCAR and the Petkim complex.
“In 2009-2010, the holding’s shares were sold for investment purposes through the Istanbul Stock Exchange for 2.10 Turkish liras per share, which at the time was considered quite low price,” said Yavuz.
In late 2014, the value of the Petkim holding’s shares was the highest among the 30 shares of large companies listed on the Istanbul Stock Exchange.
Petkim, in which SOCAR has a share of 61.32 percent, produces plastic packages, fabric, detergents and is the sole Turkish manufacturer of such products, a quarter of which is exported.
The rest of the complex shares are in free circulation on the stock exchange.
