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.
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