Exodus from Turkish bourse continues with Eczacıbaşı firm’s exit

Exodus from Turkish bourse continues with Eczacıbaşı firm’s exit

Eczacıbaşı, one of Turkey’s largest companies, has announced it will apply to withdraw its construction materials subsidiary from the stock exchange amid an exodus stirred by a new regulation.

Eczacıbaşı Yapı Gereçleri, more than 96 percent of which is controlled by Eczacıbaşı, will be able to be removed from Borsa Istanbul as its majority shareholder has earned the rights to buyout its remaining stakes, Eczacıbaşı said in a stock exchange filing.

Eczacıbaşı Yapı Gereçleri’s withdrawal has marked the fifth decision to exit the exchange since the introduction of a regulatory change that permitted companies with minority shares floating at the exchange to exit the bourse.  

A communique introduced by the Capital Markets Board (SPK) on July 1 paved way for the companies that have less than 5 percent of their shares publicly traded to leave the stock exchange.

Well-established Turkish heating and cooling company Demirdöküm, Austrian energy giant OMV’s Turkish fuel subsidiary Petrol Ofisi, Turkish battery firm Mutlu Akü and Turkish lender Alternatifbank have announced decisions to withdraw over the past two weeks as well.

There are currently 25 companies that may qualify for the SPK’s condition to leave Borsa Istanbul.
Lenders Denizbank and TEB, as well as retail sector giant Carrefour are among the companies that could exit the bourse.