SOCAR plans to sell part of stake in Petkim

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SOCAR Turkey Enerji A.S., a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, plans to sell a part of its stake in Turkish petrochemical complex Petkim.

Thus, 15.2 million of shares will be sold in March, Turkey’s Public Disclosure Platform (Kamuoyunu Aydinlatma Platformu – KAP) said in a message posted on its website.

SOCAR Turkey Enerji sold 35 million shares at 4.35 Turkish liras per each share on the Istanbul Stock Exchange in late October 2016. Afterwards, a direct share of SOCAR Turkey Enerji in Petkim decreased up to 1.32 percent.

A 51 percent share of SOCAR Turkey Petrokimya A.S. in Petkim remained unchanged.

As a result of the transaction, the direct and indirect share of SOCAR Turkey Enerji in Petkim decreased from 54.65 percent to 52.32 percent.

The assets of Petkim petrochemical complex increased by 44.2 percent and stood at 5.46 billion liras as of Jan.1, 2016 as compared to 3.79 billion liras in 2014.

Petkim’s net profit increased by 14 percent in 2015 as compared to 2014 and stood at 639.2 million liras. Its authorized capital has increased to 1.5 billion liras.

Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.