Sabancı to sell up to 10 pct of Kordsa

Sabancı Holding announced Friday it has decided to sell up to 10 percent - equaling TL 19.45 million ($7.54 million) - of its yarn and cord fabric unit, Kordsa Global, on the wholesale market of the Borsa Istanbul stock exchange.

Sabancı Holding issued a statement to the Public Disclosure Platform that read: "At our May 15, 2015 board of directors meeting, it was decided that Sabancı Holding will sell up to 10 percent of share capital of our shares in Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş., with a nominal value of TL 19,452,907, on the Wholesale Market of the Borsa Istanbul. Upon completing this transaction within the next 180 days, it was also decided that Sabancı Holding will not sell or offer to the public any shares of Kordsa Global Endüstriyel İplik ve Kord Bezi Sanayi ve Ticaret A.Ş. in our portfolio that lead to an increase in the amount of shares traded as well as to not make any decision in this direction or disclose a new sale or public offering during this period."