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Sabanci sells Akbank stake

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Jun 06, 2011 - 12:00 am GMT+3
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by Jun 06, 2011 12:00 am

Shares in Turkish lender Akbank (AKBNK.IS) fell sharply after stakeholder Demir Sabanci said he had applied to sell 91.23 million nominal shares in the lender.

The shares to be sold constitute 2.3 percent of Akbank's capital, and are worth 647.7 million lira ($410 million) calculated according to the current price of shares.

AKbank's share price fell 4.31 percent to trade at 7.10 lira after the statement.


Citibank holds a 20 percent stake in the lender, Sabanci Holding (SAHOL.IS) holds 44.45 percent, the Sabanci family holds 6.7 percent, and 28.8 of shares are publicly traded on the Istanbul Stock Exchange.
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