Turkish Sabancı Holding To Sell 25 Pct. Stake In Kordsa

- Turkey's one of the leading finance and industrial groups Sabancı Holding starts the selling process of 25 percent stake in textile company Kordsa, according to the company statement sent to the Public Disclosure Platform on Thursday.

"The selling process of our shares in Kordsa Global with a nominal value of 48.63 million lira, corresponding to 25 percent of the share capital to qualified institutional investors has been started" Sabancı said in the statement.

"Our Company has appointed Deutsche Bank AG and UBS Limited as Joint Global Coordinators and Joint Bookrunners and Ak Yatırım Menkul Değerler A.Ş. as Co-Lead Manager" it said. "The selling process is only for the qualified institutional investors and there will be no Public Offering in any country. Since the selling process is only for the qualified institutional investors, it will not be deemed as a Public Offering in Turkey."

As a producer in nylon and polyester yarn, cord fabric and single end cord production, mainly in its cord fabric plant in Izmit, Kordsa Global serves the tire reinforcement and mechanical rubber markets. The company runs 9 facilities in 7 countries with a workforce reaching 4,000.