SOCAR Turkey Energy A.S., a subsidiary of Azerbaijan’s state oil company SOCAR in Turkey, has sold the entire stake of its direct participation in authorized capital of the Turkish petrochemical complex Petkim.
Turkey’s Public Disclosure Platform (Kamuoyunu Aydinlatma Platformu – KAP) reported that SOCAR Turkey Energy sold 19.82 million shares, which are equal to 1.32 percent of Petkim’s capital, at 4.44 Turkish liras per each share.
Theretofore, SOCAR Turkey Energy’s direct participation in Petkim’s capital is equal to zero, while the company’s indirect participation decreased from 52.32 percent to 51 percent.
The assets of Petkim petrochemical complex increased by 44.2 percent and stood at 5.46 billion Turkish liras as of Jan. 1, 2016, as compared to 3.79 billion liras in 2014.
Petkim’s net profit increased by 14 percent and stood at 639.2 million liras in 2015 as compared to 2014. The complex’s authorized capital totals 1.5 billion liras.
Petkim produces plastic packages, fabrics, detergents, and is the sole Turkish manufacturer of such products, a quarter of which is exported.
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