Arab Today, arab today citigroup to sell stake in akbank
Last Updated : GMT 16:56:19
Arab Today, arab today
Arab Today, arab today

Citigroup to sell stake in Akbank

Arab Today, arab today

Arab Today, arab today Citigroup to sell stake in Akbank

Istanbul - Arabstoday

Turkish lender Akbank said Citigroup, which has a 20 per cent stake in the bank, has started selling a 10.1 per cent stake.  “No investor will be allowed to buy more than a five per cent stake,” Akbank said in a statement to the Istanbul Stock Exchange. The bank said Citigroup would hold the remaining 9.9 per cent stake for three years. It bought into Akbank in January 2007.  Citigroup is selling 404 million shares in Akbank via an accelerated offering, a source close to the deal said. “We deem that this transaction will exert further pressure on the market due to the enormous size of the offering. At the low end of the offering price range, Akbank’s upside potential to our target will be around 20-25 per cent. Negative,” wrote Bulent Sengonul, research manager at Is Investment. Citi is offering the shares at 5.20 to 5.50 lira each, the source added, which represents a discount of between 5.2 and 10.3 per cent to Akbank’s closing share price of 5.8 lira. At the top of that guidance range the sale would raise 2.22 billion lira ($1.2 billion) for Citi. “Possible buyers are seen as local or foreign investment funds, pensions funds, investment joint-ventures,” Akbank said. By / Gulf Today

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup to sell stake in akbank Arab Today, arab today citigroup to sell stake in akbank

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today citigroup to sell stake in akbank Arab Today, arab today citigroup to sell stake in akbank

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday