Azernews.Az

By Aynur Karimova

Azerbaijan's state energy company SOCAR will sell 3.4 percent of the shares of the Petkim Petrochemical Complex, which were in free circulation on the stock exchange, to the International Investment Fund.

The news was announced by Turkey's Public Disclosure Platform on June 5.

It was earlier reported that Petkim shares are being sold per four Turkish liras each to foreign funds operating in the U.S. and engaged in investment activities in international markets.

"Ünlü & Co" acts as a mediator in the sale of shares through the Istanbul Stock Exchange.

Kenan Yavuz, the head of SOCAR Turkey Enerji and Board Member of Petkim Petrochemical Holding, previously said this transaction is an indicator of the high credibility of both SOCAR and Petkim.

In 2009-2010, the holding's shares were sold for investment purposes through the Istanbul Stock Exchange for 2.10 Turkish liras per share, which was considered an enough low price at the time.

In 2014 the cost of the Petkim holding's stocks was the highest among the 30 stocks of large companies listed on the Istanbul Stock Exchange.

Petkim Petrochemical Holding, in which SOCAR owns a 61.32-percent share, manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer manufacturing such products.

A quarter of Petkim's products are exported to foreign markets.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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