Ülker stakes on sale

ISTANBUL

Turkey’s Yıldız Holding, owner of premium chocolate brand Godiva, said yesterday it would sell a 10 percent stake in biscuit company Ülker in a block sale within six months in a written statement to the Public Disclosure Platform (KAP).

Yıldız Holding said it had mandated Ünlü Securities in the sale after requests from foreign investors and to deepen Ülker’s market.

Yıldız Holding has now owns around 66 percent of the company, although around 14 percent of the company is owned by other subsidiaries of Yıldız Holding and the Ülker family. The remaining 20 percent of the company is owned by other shareholders.

Following the merger of Ülker subsidiaries operating in similar business lines in 2011, its operating profit rose 79 percent in 2012.