ANKARA (Turkey), February 12 (SeeNews) – Turkish insurance unit Yapi Kredi Sigorta [BIST:YKSGR], a unit of German insurer Allianz, has applied with Borsa Istanbul for delisting from the stock exchange, Yapi Kredi Sigorta said on Wednesday.
Yapi Kredi Sigorta submitted its delisting application on wednesday, it said in a bourse filing.
Allianz SE plans to offer a mandatory bid price of 18.8114 Turkish lira ($8.6192/6.3428 euro) for one Yapi Kredi Sigorta share, subject to approval by Turkey's securities market regulator, the Turkish insurer said in the statement.
After acquiring 93.95% of Yapi kredi Sigorta for 1.6 billion Turkish lira in July 2031, Allianz made a tender offer to buy the remaining share fo the company for 18.814 Turkish lira apiece in October 2013 and raised its stake in Yapi Kredi Sigorta to 99.78%.
(1 euro = 2.9658 Turkish lira)