Banvit's transfer process that has hiked up the stakes and attracted the investors has been completed. According to the statement released at Public Disclosure Platform (KAP), TBQ Foods bought 79.48 percent of Banvit at $269.2 million.
TBQ Foods GmbH has taken over 79,501,685 shares, corresponding to 79.48 percent of Banvit, at $269.2 million with $3.38 per share, from shareholders upon the fulfillment of the necessary conditions including the approval of the Competition Board.
However, it has been stated that the final price may be adjusted based on the operating capital, EBITDA, dollar-TL exchange rate and the net debt position to be determined in the framework of the interim balance sheet and income table to be issued at the date of the share transfer.
There were also changes made in the board of directors during the extraordinary general meeting held on Thursday.
The extraordinary general meeting information document stated that foreign members would be proposed as board members in order to complete the transfer process.
Banvit signed a share sales agreement with BRF GmbH, a subsidiary of Brazilian BRF S.A., on January 9.
Following the signing of the agreement, TBF Foods GmbH was established as a partnership company between BRF GmbH with 60 percent and Qatar Investment Authority's subsidiary Qatar Holding LLC with 40 percent. In the meantime, BRF GmbH assigned and transferred all its rights and obligations within the scope of the contract signed with Banvit to TBQ Foods GmbH on March 13.
