Qatari firm to get bigger slice of Turkish Boyner Retail
ANKARA - Anadolu AgencyA Qatar-based investment firm will expand its shares in Turkish retailer Boyner to over 40 percent, Boyner Group announced on March 10.
Qatari investment firm Mayhoola For Investments will pay 173.1 million Turkish Liras ($46.2 million) to purchase an additional 12 percent stake, the Turkish firm said in a statement.
The new acquisition will push up Mayhoola’s total shares in Boyner Retail from 30.7 percent to 42.7 percent.
In 2015, Mayhoola bought a 30.7 percent stake in Boyner Retail and Textile Investments for 885 million liras.
Boyner is one of Turkey’s largest non-food and non-electronics retailers, with nearly 400 retail stores across the country.
The acquisition will also see a rise in Mayhoola’s seats on the nine-member board of directors from one to three, although Boyner’s management is not expected to change.
Boyner Retail’s new board will have Mayhoola and Boyner Group represented with three seats each, along with three independent members