Petkim stake sale approved

ISTANBUL - Anatolia News Agency

Socar Turkey and Socar Int. acquires more share in Turkey’s Petkim. Hürriyet photo

Turkey’s Supreme Board of Privatization (ÖYK) approved yesterday the privatization of 10.32 percent of the Petkim, Turkey’s leading petrochemical company, to Socar Turkey Enerji Corporation and Socar International.

Socar Turkey Enerji Corporation and Socar International offered $168.5 million for 10.32 percent of Petkim shares.

Turkey included Petkim in its privatization program in 1987. Petkim’s production complex in the northwestern province of İzmit was sold at $60 million in 2001. Privatization process of the rest of the company began on January 20, 2003. Tenders were canceled multiple times due to insufficient bids or bidders pulling out later. 34.5 percent of Petkim shares were sold by public offering in April 2005.

The State Oil Company of Azerbaijan (Socar) currently owns 51 percent of Petkim. 38.68 percent of Petkim shares are traded at the Istanbul bourse.

Dividend pay

Meanwhile Petkim, has decided to distribute 55.8 million Turkish Liras to shareholders in cash dividend payment, according to a company statement filed with the Istanbul Stock Exchange.

The company officials discussed distributing a total net period income of about 102.3 million liras at its regular general assembly on May 8. Some 56.4 million liras were calculated to be distributed as cash dividend payment.