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SOCAR to Sell Petkim’s Shares to International Investment Fund

SOCAR (State Oil Company of Azerbaijan) will sell 3.4 percent of Turkish Petkim petrochemical complex's package of shares, which is in free circulation on the stock exchange, to the International Investment Fund, SOCAR said.

Petkim's shares will be sold at four Turkish liras per each share to the foreign funds, operating in the U.S. and engaged in investment activity in the international markets. Unlu & Co is a mediator in the share sale through the Istanbul Stock Exchange.

"This transaction testifies to great confidence towards SOCAR and Petkim," SOCAR Turkey executive director Kenan Yavuz said. "Some shares were purchased for investment purposes through the Istanbul Stock Exchange at 2.10 Turkish liras per share in 2009-2010. This was quite a low price for that period. Great income will be received as a result of this transaction."

"The share sale will not change the status of SOCAR in Petkim," he said.

As of 2014, the cost of Petkim holding's shares was the highest among 30 shares of large companies listed on the Istanbul Stock Exchange.

The shares estimated at 34 million Turkish liras will be put up for sale. BCM Global Fund Ltd has already expressed its willingness to buy the shares. The shares will be put up for sale February 5, the Turkish media reported earlier.

Petkim Petrokimya Holding produces plastic packages, fabric, PVC and detergents. It is the only Turkish producer making such product. SOCAR's stake in Petkim is 61.32 percent.

Source: Trend

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