Turkey’s Koc Holding said that it will sell a 6.81% stake in Yapi Kredi Bank to institutional investors through an accelerated book build process.
Koc Holding, an industrial conglomerate, said the stake has a nominal value of 575 million lira ($21.36 million), adding that it currently holds 27.02% of the bank’s shares, worth 2.28 billion lira.
If all of the shares are sold, Koc Holding and its subsidiary Koc Finansal Hizmetler’s combined stake in Yapi Kredi will decline to 61.17%, with Koc Group remaining the major shareholder.
The sale is expected to increase the liquidity of the bank’s shares and its free float, Koc said in a statement to the Istanbul Stock Exchange, adding that it is part of the holding company’s portfolio optimisation strategy.
Citigroup Global Markets, JP Morgan Securities and Merrill Lynch International have been authorised to act as joint global coordinators and joint bookrunners for the off-exchange sale, Koc said.
Last year, UniCredit sold its remaining 18% stake in Yapi Kredi Bank to Koc Holding, completing its exit from the lender.
Source: Reuters.com