Turkish conglomerate Sabancı Holding will turn over its shares in Philip Morris Sabancı Cigarette and Tobacco Inc. (PHILSA) and Philip Morris Sabancı Marketing and Sales Corp. (PMSA) to its parent company Philip Morris International after filing a petition with the country’s Public Disclosure Platform (KAP) Thursday.
A company statement said that it had "petitioned the Competition Authority for the turnover of the shares to PM and their shareholders" for the price of TL 2.89 billion ($325.69 million).
The conglomerate's shares of PHILSA stocks have a nominal value of TL 750,000 or 25% of the enterprise.
According to the petition filed to the KAP, the PMSA stocks have a nominal worth of TL 173,250 and make up 24.75% of the company.
The transfer is set to take place in the last quarter of this year.
The parent company is currently holding some 75% of PHILSA stocks.