The Turkey Wealth Fund (TWF) has decided to sell a portion of its shares in Vakıfbank to foreign institutional investors.
According to the statement made by the TWF to the Public Disclosure Platform (KAP), a portion with a nominal value of 152 million TL, out of the total 7.4 billion TL nominal value of shares corresponding to 74.79% of Vakıfbank's capital owned by the TWF, will be offered for sale. This amount corresponds to approximately 1.53% of Vakıfbank's issued capital.
SALES PROCESS HAS BEGUN
The statement indicated that the sale transaction will be carried out through an accelerated book-building method and that the process has been initiated. Within the scope of the transaction, Merrill Lynch International has been authorized as the Sole Global Coordinator and Bookrunner.
The number of shares to be sold and the price will be determined at the end of the book-building process. Once the sale is completed, the results will be shared with the public. The settlement of the transaction is planned to take place off-exchange.
TWF'S STAKE WILL DECREASE
With the sale, the TWF's stake will fall to 73.26%. The statement regarding the sale included the following expressions:
"Within the scope of the transaction, in the event that all of the shares are sold, it is expected that the Turkey Wealth Fund's direct shareholding in Vakıfbank will be 73.26%, and the free-float shares of Vakıfbank will be 7.51%. For the Vakıfbank shares that will continue to be owned by the Turkey Wealth Fund after the transaction, a lock-up commitment has been provided for a period of 90 days following the completion of the transaction, excluding certain customary exceptions and those to be carried out with the permission of the Coordinator."
News Source: 12punto
