Turkish conglomerate Yildiz Holding has sold a 20% stake in food arm Ulker – double than it originally planned – to foreign institutional investors.

Yildiz said 42% of Ulker, which it describes as its “flagship company” will now be floated.

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“We were met with a very positive and higher-than-expected demand,” Ulker CEO and president Mehmet Tütüncü said.

Yildiz, which also counts chocolate firm Godiva, Turkish frozen food outfit Kerevitas and cash-and-carry retailer Bizim Toptan among its assets, said it would receive $431m for the share sale.

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