TURKEY: Ulker offloads shares in Gida, Birlesik and Rekor
Turkish confectioner Ulker Biskuvi has offloaded its share in three local subsidiaries - Istanbul Gida, Birlesik dis Ticaret and Rekor - to parent firm Yildiz Holding in a series of deals worth TRY36m (US$17m).
Istanbul Gida is the export firm for the Ulker products. Birlesik dis Ticaret is the export company for non-Ulker and branded products. While Rekor sells non-Ulker branded products to the domestic market.
The transactions are expected to close in May.
Ulker will sell 91.4% its stake in Istanbul Gida for Dis Ticaret for TRY28.6m, its 79.2% stake in Birlesik Dis Ticaret for TRY3.2m and Rekor's 43.9% for TL4m.
"Following these transactions, we will have no shares in these companies. In total we made a profit of close to TRY6m from the sale of these three companies to Yildiz Holding."
Earlier the firm announced a 13% profit jump to TRY51m for the first quarter of 2014.
Canadean's "Ulker Biskuvi Sanayi A.S. : Consumer Packaged Goods - Company Profile, SWOT & Financial Analysis" contains in depth information and data about the company and its operations. The profile c...
Yildiz Holding pursues the goal of maintaining its leading position in packaged food in Turkey, and expanding the range of categories in which it operates to out-compete the rising number of local and...
Synopsis The report provides a review of the mergers and acquisitions (M&As), partnering deals, and agreements entered into by companies active in the global confectionery market during May 2014. Sum...
In 2013, biscuits demonstrated a good current value growth, just slightly below the review period CAGR. This is the result of a growing number of new innovative product launches and improved economic ...
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