SOCAR Turkey Enerji corrects plans on IPO
Baku, Azerbaijan, June 5
By Maksim Tsurkov – Trend:
SOCAR Turkey Enerji A.S. has retained plans on the initial public offering (IPO) of its shares, but adjusted its terms for late 2020-2021, Head of SOCAR Turkey Enerji Zaur Gahramanov told Trend.
Earlier, SOCAR Turkey Enerji, which is a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, planned to realize the IPO in 2020.
Gahramanov noted that the company is viewing various options for the placement of shares.
“It is known that one placement will be on the Istanbul Stock Exchange, the other - either on the London or the Hong Kong Stock Exchanges. In 2019, we will begin to study the sites where more potential investors are represented. If a major part of them is in the east, then we will choose the Hong Kong Exchange,” he added.
Gahramanov also said that SOCAR Turkey Enerji has retained a controlling stake in the Petkim petrochemical complex.
“Currently, our stake in Petkim is exactly 51 percent, and we are not going to sell further,” he added.
It is expected that in 2018, the consolidated turnover of SOCAR Turkey Enerji will reach $15 billion and the company will become the second biggest industrial company in Turkey with 5,000 employees and export potential of $3 billion. It sets a goal to become the biggest industrial company of Turkey by 2023.
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