Private equity firm Turkven and the Sancak family have begun the process of selling their Turkish postal service MNG Kargo, which has been in their portfolio since 2017, according to a report Tuesday.

Turkven and the Sancak family signed an agreement with a local consultancy company to conduct an investigation, a Bloomberg report said, citing sources with knowledge on the issue. They will evaluate the level of interest, especially by international companies, for MNG Kargo.

Sources, however, added that the process may not result in a sale if the desired price is not achieved.

MNG Kargo was established in 2003 by MNG Holding and in 2017 Turkven and Turkish businessperson Haydar Sancak’s family took over. The latter owns a 30% share of the company while Turkven owns 70% of it.

Representatives from MNG Kargo, Turkven and the Sancak family did not comment on the issue.

MNG Kargo, one of the leading postal services companies in Turkey, invested approximately TL 70 million ($8 million) in transfer centers, branches and IT infrastructure, focusing on improving its processes through technology in the last three years.

The company's daily transaction capacity, developed quickly through technology-based innovations, increased to 700,000 last year and significant success was achieved by providing 90% customer satisfaction.

In parallel with the growth of online shopping during the pandemic, the share of e-commerce in MNG Kargo's 2020 turnover increased to 55%. The company also achieved 56% turnover growth.