Vakıfbank activity in the Türkiye Wealth Fund... The sale process to foreigners has been initiated

Turkey Wealth Fund (TVF) authorized Merrill Lynch to sell its shares in Vakıfbank, with a nominal value of 152 million TL and a ratio of approximately 1.53 percent to the issued capital, to institutional investors resident outside Turkey.

According to the statement made by TVF to the Public Disclosure Platform (KAP ), Merrill Lynch International was authorized as the sole global coordinator and bookrunner within the scope of the sale of up to TL 152,000,000 of the total nominal value shares of TL 7,415,921,522.54 (approximately 1.53% of the issued capital) owned by TVF, corresponding to 74.79% of Vakıfbank’s capital, to institutional investors resident outside Turkey through the accelerated bookbuilding method, and the sale process has been initiated.

FINAL CONDITIONS WILL BE CLEAR AT THE END OF THE PROCESS

The final terms of the Transaction, such as the number of shares to be sold and the sale price, will be determined following the expedited bookbuilding process. The completion of the expedited bookbuilding process and the results of the sale will be announced separately, and the Transaction is planned to be cleared off-exchange.

In a statement provided to the Public Disclosure Platform (KAP), it was stated: "Within the scope of the transaction, if all shares are sold, the direct shareholding of the Türkiye Wealth Fund in Vakıfbank is expected to reach 73.26%, while the free-floating shares of Vakıfbank are expected to reach 7.51%. A non-sale commitment (lock-up) has been given for the Vakıfbank shares that will continue to be owned by the Türkiye Wealth Fund after the transaction, with the exception of certain customary exceptions and those carried out with the permission of the Coordinator, for a period of 90 days following the completion of the transaction."

Odatv.com