SOCAR reveals reason of refusal to sell shares in Petkim

By Aynur Karimova

Azerbaijan's state energy company SOCAR has revealed the reason behind its refusal to sell 3.4 percent from the package of shares of Turkey's Petkim Petrochemical Holding, which is in free circulation at the Istanbul Stock Exchange.

Kenan Yavuz, the head of SOCAR Turkey Enerji and Board Member of Petkim Petrochemical Holding, told Trend that the reason is a drop in stock indices on the stock exchange.

"It is expected the package of shares of Turkey's Petkim Petrochemical Holding to be again be offered for sale in the coming days," he said.

SOCAR was expected to sell 3.4 percent from the package of shares in the Petkim Petrochemical Complex. Earlier it was reported that SOCAR will sell these shares to the International Investment Fund.

Petkim shares were put on sale per four Turkish liras each to foreign funds operating in the U.S. and engaged in investment activities in international markets.

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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