Turkey’s energy body sets up stock exchange

ANKARA - Anadolu Agency

The energy stocks will start with around $30 mln in capital. It is expected that the total establishment process will be completed by the next year.

Turkey’s Energy Marketing Regulatory Authority (EMRA) has set up an Istanbul-based energy stock exchange.

Officials from the energy watchdog told the Anadolu Agency that EMRA would announce an initial public offering for shares in the energy stocks. Some 40 percent of the energy shares (worth $12 million) will be purchased by energy companies.

Another 30 percent of the energy exchange shares belong to two state-owned companies, Turkish Petroleum Pipeline Corporation and the Turkish Electricity Transmission Company. The remaining 30 percent of shares belong to Borsa Istanbul, Turkey’s state-run stock exchange.

Three kinds of shares to be traded

To prevent a monopoly in the stocks, private energy companies cannot buy over $113,000 in shares.

Three kinds of shares will be traded at the stocks: A, B and C. Type A shares will relate to state-owned companies, type B will be used for Borsa Istanbul shares and the type C shares for private companies.

The energy stocks will start with around $30 million in capital. It is expected that the total establishment process of the stock exchange will be completed by the next year.