Doğan Group completes takeover of stakes in local fuel oil company

ISTANBUL

DHA Photo

The Doğan Group successfully completed partnership talks with local fuel oil distributor Aytemiz on March 11 and struck an official partnership deal, Doğan Holding CEO Yahya Üzdiyen said by an e-mailed statement.

“Our partnership with Aytemiz, one of the most established local fuel oil distributors, is of great significance for the group and for the energy sector as a whole on the road to both sustainable and profitable growth,” he said.

Doğan Enerji, a subsidiary of Doğan Holding, announced it had acquired an approximately 50 percent stake in Aytemiz for 152 million Turkish Liras by a written statement to the Public Disclosure Platform (KAP) on Jan. 30.

“The board of the Aytemiz Fuel Distribution company will be composed of seven members and a majority of the members, four members, will be elected from among candidates who are selected by Doğan Enerji,” said the statement.

According to the financial records, on Dec. 31, 2013, Aytemiz’s assets were worth some 566 million liras ($233.7 million) and the company had 2 billion liras ($825.7 million) in revenue, said the statement.

Aytemiz has 310 gas stations, 11 supply depots and four storage facility capacities, according to the statement.