SOCAR to sell part of stake in Petkim company
Baku, Azerbaijan, March 24
By Rufiz Hafizoglu - Trend:
The State Oil Company of Azerbaijan (SOCAR) will sell a part of stake in Petkim oil and chemical company of Turkey, SOCAR Turkey Enerji told Trend March 24.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.
The sale of a part of stake will be held by late March 2016, the company said, without elaborating on the package of shares to be sold.
SOCAR holds 51.39 percent of the shares in Petkim. Some 40.93 percent of the shares in Petkim are owned by other shareholders, while the US investment bank Goldman Sachs holds 7.68 percent of the shares.
As of Jan. 1, 2016, the assets of Petkim rose by 44.2 percent compared to 2014 (3.79 billion Turkish liras) and stood at 5.46 billion Turkish liras.
Petkim's net profit was 639.2 million liras in 2015, having increased by 14 percent compared to 2014.
The authorized capital of Petkim was increased to 1.5 billion liras.