Galatasaray shares surge after real estates decision

The price of Galatasaray Sportif A.Ş.'s shares being traded on the Borsa Istanbul stock exchange reached ta record high price, after a surge of 10.5 percent yesterday following last weekend's financial general assembly approved the evaluation of real properties.

After Galatasaray Sports Club's board approved a series of financial matters, including the structuring of debts and the evaluation of real properties, in last weekend's extraordinary financial general meeting, its shares hit the ceiling price in the first trading session of Monday.

Starting the day with an upsurge, the price of Galatasaray's shares finished the first trading session at the maximum price of TL 28.85 ($10.85) with a rise of 10.47 percent. Other sport companies that are being traded on the Borsa Istanbul followed a positive trend in the first session as well, with Trabzonspor Sportif A.Ş., Fenerbahçe Futbol A.Ş. and Beşiktaş Futbol Yatırımları A.Ş. marking a 2.94 percent, 2.71 percent and 1.57 percent increase, respectively.

Analysts suggest that Galatasaray's growing expectations for the actualization of real estate projects on the land in Riva is strengthening purchases in the shares market.

Galatasaray Sports Club Chairman Dursun Özbek said during the extraordinary general assembly that the land in Riva, which was brought in to the club 40 years ago, should be evaluated for income-generation possibilities as soon as possible. "The project work regarding the land in Riva was prepared by Galatasaray's board in 2010, but it remained without being actualized," Özbek said, and requested authorization to work on the project. Emphasizing the need for the actualization of projects in the best way possible, Özbek said the project's missing licenses should be issued once again.