Turkey's Sabanci Holding gets regulatory nod to sell minority stake in Teknosa

CMB approved the sale of Teknosa shares worth a total of 11.3 million lira ($1.4 million/1.2 million euro) in par value on December 3, Sabanci Holding said in a filing with the public disclosure platform KAP on Friday.

Sabanci Holding will use the proceeds from the transaction to subscribe for a planned capital increase by Teknosa, it added.

The holding group announced its plans to sell the minority stake in Teknosa in late November. The conglomerate owns 60.28% interest in Teknosa and will remain the controlling shareholder in the company after the sale, it said at the time.

(1 euro = 9.4803 lira)