TURKEY: Leading corporate plans flotation and bank purchase

10 May 1996

The leading local corporate Koc Holding, at present 70 per cent owned by the Koc family, may float some of its shares in New York and possibly in another international centre later in 1996, says its chairman Rahmi Koc. Goldman Sachs has been appointed for preliminary studies, according to a communique by the company to the Istanbul Stock Exchange.

Koc has also has targeted a banking acquisition as part of its future expansion plans for its leading industrial and commercial combine, according to the chairman. He also says one option may be a purchase through privatisation of a state institution. The new coalition government plans a sweeping privatisation of all state banks, barring the Central Bank.

Koc had tendered for the sale of private sector Osmanli Bankasi, but was disappointed when its owner, Groupe Paribas, struck a $245 million deal with Garanti Bankasi instead (MEED 12:4:96).

Unconfirmed Turkish press reports also say Koc has been interested in the purchase of the private sector Pamukbank, at present owned by Cukurova Holding.

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