SOCAR Turkey re-applies to sell Petkim shares

Published 24.06.2015 22:11

SOCAR Turkey has decided to re-apply to Borsa Istanbul (BIST) for the sale of Petkim shares. The sale was dismissed on June 8 due to uncertainty in the political atmosphere following the June 7 general elections, which ended the 13-year single-party government. Previously SOCAR Turkey announced on the Public Disclosure Platform (KAP) that a 1.6 percent share of Petkim was to be sold, which was then worth a nominal value of TL 16 million ($5.98 million) . According to SOCAR Turkey's announcement following the cancelation of the Petkim share sale, the sale was to be re-discussed when the political dust settles, although negotiations for the formation of a coalition government have yet to begin. SOCAR Turkey made the decision to apply to the BIST to place the Petkim shares on the Wholesale Market (TSP). It is not known whether the energy corporation expects the political uncertainty to end soon with a coalition government or continue for a long enough time.

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