Turkey’s Yildiz Holding has confirmed plans to list its local dairy subsidiary, AK Gida.

The company has submitted a pre-application to the stock market regulator, the CMB, in preparation for an initial public offering, a representative for the company confirmed.

Yildiz did not comment on the timing of the offering or whether it would retain a controlling stake in the Turkish dairy. The company also declined to say whether alternative options to unlock value, such as a sale, are being considered.

According to the group’s website, AK Gida operates five production facilities and generates a turnover of TRY1.6bn (US$676.6m) per annum. Yildiz said AK Gida has a daily capacity of 4,000 tonnes, with an 11% share of the processed milk industry in the country.

Yildiz is understood to be working to simplify and consolidate its portfolio, which includes international packaged food brands such as United Biscuits and Godiva chocolates. The company is also said to be preparing to sell its stake in personal care group Azmusebat Steel.