Kenan Yavuz: A part of Petkim PetroKimya Holding shares will be sold out

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Baku, July 24, AZERTAC

"A part of Petkim PetroKimya Holding shares will be sold out," said SOCAR Turkey chairman Kenan Yavuz.

He said SOCAR was considering selling some of its shares of Turkey's Petkim, but it does not plan to allow its stake in Petkim to fall below the 51 percent level.

Yavuz said Petkim was the foundation of all their investments and they had a master plan concerning it until 2030. He also stressed that a sale of shares bought on the stock market in 2009 and 2010 was possible.

"We have a 65 per cent stake in the company and consider a sale that would not bring the stake below 51 percent. The timing of a sale has not been decided but could be considered this year."

Last month, SOCAR Turkey announced that the company had decided to re-apply to the Borsa Istanbul (BIST) for the sale of Petkim shares. The sale was dismissed on June 8 due to certain reasons.

Previously SOCAR Turkey announced on the Public Disclosure Platform (KAP) that a 1.6 percent share of Petkim was to be sold, which was then worth a nominal value of TL 16 million.

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