SOCAR cancels sale of its shares in Turkey's Petkim

SOCAR Turkey, the Turkish branch of the Azeri energy giant State Oil Company of Azerbaijan Republic (SOCAR), announced the sale of its shares in Petkim, a petrochemical firm, have been cancelled due to uncertainty in the market. The company had announced last week that it applied to the Borsa Istanbul stock exchange for the sale of some of its stakes in Petkim. The decision for the cancellation came after the general elections that were held on Sunday, which resulted in uncertainty, with no party able to establish a single-party government.

According to the announcement delivered to the Public Disclosure Platform (KAP) by SOCAR Turkey, one of the shareholders of Petkim cancelled the sale of the share certificates of Petkim that accounts for 1.6 percent of the total shares. The share certificates with a total nominal value of TL 16,000,000 ($5.812 million) were to be sold to the foreign-based buyer BCM Global Fund Ltd. for TL 4 per share, with a nominal value of TL 1, on June 8. KAP was notified of the sale on June 5, and the Borsa Istanbul had made the same announcement on the same day. However, Petkim's wholesale market sale transaction has now been mutually cancelled due to the uncertainties in the Turkish market and depending on future improvements, the sale will be re-discussed in the future according to SOCAR's announcement.