Two more companies plan withdrawal from BIST

Fuel company Petrol Ofisi owned by OMV and battery company Mutlu Akü have announced plans to withdraw from the Turkish stock exchange.

Austrian energy giant OMV announced its decision to remove its Turkish fuel subsidiary, Petrol Ofisi,
from Borsa Istanbul while Turkish battery firm Mutlu Akü also made public its plans to withdraw from the stock market, becoming the second and third companies to exit the stock exchange in less than a month.

“Our company announces it will apply to POAŞ [Petrol Ofisi Ltd.] to begin procedures for minority shareholders to be removed from partnership and POAŞ to be excluded from the stock exchange quota,” OMV Aktiengesellschaft said in a statement made to the Public Disclosure Platform (KAP) on July 10. The Austrian company, which already owns 95 percent of Petrol Ofisi, declared it has acquired POAŞ’s 500 shares through Borsa Istanbul by paying 4.53 Turkish Liras per share, 2,265 lira in total.

Mutlu Akü also announced the decision to KAP on July 11.

A communiqué introduced by the Capital Markets Board (SPK) on July 1 paved way for the companies that have less than 5 percent of their shares publicly traded to leave the stock exchange.

Well-established Turkish heating and cooling company Demirdöküm had also announced it will leave the exchange after the SPK’s regulation.

There are currently 25 companies that may qualify for the SPK’s condition to leave the Borsa Istanbul.