Kazancı to sell Aksa stake to int’l investors

ISTANBUL - Reuters

Turkey’s Kazancı Holding has appointed Merrill Lynch to sell a 16.3 percent stake in its power producer Aksa Enerji to international investors, according to a statement today.

A road show for the sale will run from May 20 to 24, Aksa said in the stock-exchange filing. It added that the sale would be to corporate investors and that no public offering was planned.

Kazancı to use revenue to pay debts to Aksa

“Kazancı will use minimum 80 percent of the revenue it raised from the sale to pay its debts to our company back,” Aksa said in the statement.

With some part of the money coming from Kazancı’s stake sale, Aksa Enerji will pay its short-term debts and invest the remaining part in electricity generation facilities slated to be built in 2013 and 2014.

Kazancı, which has interests in energy, tourism and agriculture, owns 81.5 percent of Aksa, while Goldman Sachs International controls 13.3 percent. Five percent of the company is traded on the Istanbul Stock Exchange.