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Turkey's Global Yatirim to shed 40% stake in AZ Global Portfoy Yonetimi

Dec 23, 2014, 4:57:52 PMArticle by Yurkie Ali
share
ISTANBUL (Turkey), December 23 (SeeNews) – Turkish conglomerate Global Yatirim Holding [BIST:GLYHO] said on Tuesday it has decided to sell its 40% stake in local asset manager AZ Global Portfoy Yonetimi to the company’s majority owner AZ International Holdings S.A. for 5.8 million Turkish lira ($3.5 million/2.0 million euro).

Turkey's Global Yatirim to shed 40% stake in AZ Global Portfoy Yonetimi

At the same time, Global Yatirim has agreed to acquire AZ International Holdings' 10% stake in Turkish brokerage Global Menkul Degerler, which is controlled by Global Yatirim, the holding company said in a bourse filing.

The transactions are subject to regulatory approvals.

Luxembourg-based AZ International Holdings is a subsidiary of Italian asset management group Azimut Holding.

(1 euro = 2.8313 Turkish lira)

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