Turkish retail company Boyner Holding A.Ş., has signed a contract to sell 12 percent of Boyner Perakende's issued capital to Qatari Investment fund Mayhoola for Investments LLC for TL 173.1 million.
The statement made to the Public Disclosure Platform (KAP) read that the Mayhoola for Investments LLC entered into a share and sale purchase agreement for the acquisition from Boyner Holding A.Ş. of shares of Boyner Perakende ve Tekstil Yatırımları A.Ş., a subsidiary of the Boyner Group, a non-food retail conglomerate, with a nominal value of TL 6.92 million ($1.8 million), amounting to 12 percent of the total issued share capital of Boyner Perakende, for TL 25 per share (TL 173.1 million) in two stages.
Moreover, following the completion of the first stage, namely the transfer of Boyner Perakende shares with a nominal value of TL 2.71, Mayhoola's shareholding in Boyner Perakende will increase from approximately 30.68 percent to approximately 35.37 percent, while the Boyner Holding's shareholding will decrease from approximately 54.8 percent to 50.1 percent, according to the statement.
Upon completion of both stages of the acquisition in a manner that does not generate a change of management control in Boyner Perakende, Mayhoola's shareholding in Boyner Perakende will be approximately 42.68 percent, while the shareholding of Boyner Holding in Boyner Perakende will be approximately 42.8 percent.
In April 2015, Qatari investment fund Mayhoola for Investments bought a 30.7 percent stake in Turkish retailer Boyner Perakende for TL 885 million.