Turkey’s Yıldız Holding plans to sell stakes in Islamic lender

ISTANBUL – Reuters

Yıldız revenues last year rose 17-18 percent, exceeding expectations for a rise of 13-14 percent, Ülker said.

Turkey’s largest food group Yıldız Holding is in talks with a foreign fund to sell its 11 percent stake in Islamic bank Türkiye Finans, Yıldız Chairman Murat Ülker said, fueling the company’s shares.

Speaking to reporters on Jan. 29 in embargoed comments, Ülker said the group had first offered its 11.75 stakes to shareholders, but started negotiations with outsiders after receiving a negative answer.

Yıldız Holding’s shares climbed to ceiling prices at the stock exchange after publically disclosing plans of sale.

Yıldız Holding vice-chairman Ali Ülker had hinted at the holding’s plans to retreat from the sector at the end of March, as he had said the finance sector was not an area they “will remain present in the long term.”

The majority of the bank’s stakes are owned by Saudi-based National Commercial Bank – 67 percent – while Turkish Boydak owns 22 percent. 

During the meeting with a group of agency and magazine chief editors, Ülker also announced the group has signed a deal to sell its yeast-making unit Dosu Maya to French company Le Saffre for $220 million.
Yıldız, which owns family-run cookie making company Ülker and premium chocolate maker Godiva, is seeking to focus on developing its consumer brands. 

The group generated sales of 12.4 billion Turkish Liras ($5.48 billion) in 2012. 

Yıldız revenues last year rose 17-18 percent, exceeding expectations for a rise of 13-14 percent, Ülker also said.

The group, which is one of Turkey’s largest companies, last year bought Spanish discount-retailer Dia’s Turkish operation DiaSA for 136.5 million euros ($186 million).