Koç Sold Ramenka to Enka

Sat, 15 Sep 2007 21:42:54 GMT

In the declaration sent to CMB today by Migros Türk A.Ş., it was stated that Migros Türk sold its 50% of shares in Ramenka Ltd.- having a total enterprise value of USD 1.365.000.000- to ENKA Holding Investment S.A. for USD 542.500.000 after deducting the company’s net financial debt amount of USD 280.000.000.

Koç Holding already announced in its Press and Public Information Meeting held in June that it authorized JP Morgan for the sale of Migros. Koç Holding CEO, Bülent Bulgurlu, in his declaration of the same-day meeting, affirmed that they gave the sale decision in accordance with their new strategic focus and that, as Koç Holding, they would continue operating in 4 major business lines: Energy, Automotive, Finance and Consumer Durables.

Bulgurlu, in addition, expressed that they were planning to exit the FMCG retailingl sector with the sale of Migros and that Migros would sustain its planned and organic growth and also he pointed out the fact that the Migros and Ramenka shares could be sold seperately.

Ozan Öncel Blog: Retail

Koç Sold Ramenka to Enka