Yıldız-linked equity firm set to sell its bank shares

ISTANBUL - Reuters

Ali Ülker, vice-chairman of Gözde- linked Yıldız Holding. AA photo

One of Turkey’s largest companies, Yıldız Holding, is set to leave the finance business as one of the companies under its umbrella, Gözde Private Equity, said it had kicked off the process to sell 11.75 percent of its stakes in one of Turkey’s four Islamic banks, Türkiye Finans.

The equity firm has authorized Ünlü Menkul Değerler for the execution of the sale transaction, it posted on the Public Information Platform (KAP).

Yıldız Holding vice-chairman Ali Ülker had hinted at the holding’s plans to retreat from the sector at the end of March, as he had said the finance sector was not an area they “will remain present in the long term.”

The majority of the bank’s stakes are owned by Saudi-based National Commercial Bank – 67 percent – while Turkish Boydak owns 22 percent. Mustafa Boydak, the chairman of Türkiye Finans bank, had told Reuters on April 4 that Boydak Group would consider acquiring Yıldız’s shares if there were an offer as it withdraws from the company.