Özak offers buyback guarantee in IPO

Özak offers buyback guarantee in IPO

ISTANBUL - Hürriyet Daily News
Özak offers buyback guarantee in IPO

Ahmet Akbalık, the chairman, says Özak Holding has become an A-class brand. AA photo

Özak GYO, a local real estate investment firm, issued a guarantee to buy back all the shares at the same price acquired at the firm’s initial public offering (IPO) if an investor holds them for three consecutive months, according to a company press release.

The company claims this practice is a first in the world. The investors who do not sell the shares back will be given 3 percent of their shares free as a bonus, the company said.

Özak GYO, a subsidiary of Özak Global Holding, active in tourism, textile, energy, construction and real estate, will file its IPO in February, the company said.

“The growth rate of our group is 10 percent, while the average growth (in the gross domestic product) is expected to be 4 percent,” said Sadun Coşkuntürk, the general manager of Özak GYO. Almost all the products in the firm’s portfolio were finalized projects with a total value of about $740 million, he added.
Özak employs some 10,000 people, said Ahmet Akbalık, the chairman of Özak Global Holding. Özak had become an A-class brand producing co-designs with world-renowned brands such as Armani, Dolce & Gabbana and Guess