SOCAR increased its stake in a subsidiary in Turkey

15:20 - 3.09.2021


September 3, Fineko/abc.az. The Turkey-based subsidiary of the State Oil Company of Azerbaijan (SOCAR) has increased its stake in SOCAR Turkey Energy A.S. (STEAŞ) from 87% up to 100%.

ABC.AZ reports with reference to the Turkish Public Lighting Platform (KAP) that Goldman Sachs International (Goldman Sachs) together with JP Morgan Securities Plc will buy 890.574 million new shares of SOCAR's subsidiary and controlling company SOCAR Turkey Enerji A.Ş. for $1.3 billion, which is equivalent to 13% of the total capital after growth. SOCAR will simultaneously sign a 6-year option sale contract with STEAŞ and its subsidiary Capital Investments Limited (SIL).

The transaction on the acquisition of the mentioned 13% stake in STEAŞ has already been completed.

 

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