SASA Polyester A.Ş. has announced that it has sold 66,937,802 shares of its shares to qualified institutional investors residing outside Turkey at a price of 53 TL, using the accelerated bookkeeping method. According to the statement, the company made a gross profit of approximately TL 3.55 billion from the sale, while HSBC acted as the sole global coordinator and book collector in the transaction. After the sale, Erdemoğlu Holding gave a 90-day not-to-sell commitment regarding the shares it held.
The sale is planned to be finalized with an over-the-counter transaction on June 15, 2023.
As a result of the transaction, Erdemoğlu Holding A.Ş.’s direct shareholding rate in SASA Polyester decreased by 59.7%, while its share was previously around 61 percent.
According to the information conveyed, most of the income from the sale of shares will be used to purchase the bonds of Sasa Polyester.
Foreign Investor Sold Sasa
After the elections, a sharp decrease was observed in the share of foreigners in Sasa Polyester shares, while this weight, which was above 30 percent, decreased to 14 percent. However, Sasa Polyester’s return since the beginning of the month is close to 15 percent.
Sasa shares are trading at a price of 62.60 TL with a decrease of 4.5 percent as of the end of the session on 12.06.2023.
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