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.
Chocolate is one of the most popular food product among all age groups of people. It is made up of cocoa liquor, cocoa butter, sugar, and lecithin. It is consumed in between meals and as a desert duri...
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