Turkish grocer to sell 35% stake in Moroccan affiliate

December 09 2020 14:36:14

Turkish grocer to sell 35% stake in Moroccan affiliate

ANKARA- Anadolu Agency

Turkish discount grocer BİM has agreed on selling 35% shares of its Moroccan affiliate to the U.K.-based Blue Investment Holding, according to a statement sent to Turkey's Public Disclosure Platform (KAP) on Dec. 9.

Blue Investment Holding is owned by Helios Investment Partners, a private equity fund manager focused on the Africa region.

The estimated value of the deal is 86.4 million Moroccan dirham ($9.6 million).

The sale, according to the filing, aims to maintain and develop BİM Stores SARLAU's current growth trend in Morocco, and achieve localization in the region with specialized investors to create further value.

The transaction is expected to be completed subject to conditions including approval by the competition authority of Morocco.

BİM will still be the majority shareholder with 65% of the shares.

Türkiye to receive larger foreign capital: Chamber head

Local textile industry facing challenges in export markets

Turkish Airlines hopes to bring more tourists from Chile

Credit card payments increase 78 percent in November

Central Bank expected to cut key interest rate this week

Trump threatens to take back control of Panama Canal

Sri Lanka’s Dissanayake to pay visit to key lender China

WORLD

Syria's territorial integrity 'non-negotiable,' Fidan says

Türkiye’s Foreign Minister, Hakan Fidan, emphasized on Dec. 22 that Syria’s territorial integrity is “non-negotiable” and reiterated there is no place for the PKK/YPG terror group in the country.

ECONOMY

Türkiye to receive larger foreign capital: Chamber head

Türkiye is expected to receive larger foreign capital and resource inflows next year as its economy becomes increasingly more stable and incentives investors, according to Erdal Bahçıvan, chairman of the board of directors of the Istanbul Chamber of Industry (İSO).

SPORTS

Fenerbahçe in tatters after Athletic loss

Fenerbahçe headed into turbulent times after a home loss in the Europa League against Athletic Bilbao on Dec. 11 night added to the club’s wounds and sparked fan protests.