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UPDATE 2 - Turkey's Sabanci to sell 51% stake in Sasa Polyester to Erdemoglu Holding

Author Yurkie Ali
UPDATE 2 - Turkey's Sabanci to sell 51% stake in Sasa Polyester to Erdemoglu Holding

ISTANBUL (Turkey), January 13 (SeeNews) – Turkish conglomerate Sabanci Holding [BIST:SAHOL] said on Tuesday it has agreed to sell its 51% stake in local polyester products maker Sasa Polyester Sanayi to Turkish carpet maker Erdemoglu Holding for $102 million (87 million euro), excluding adjustments.

Sabanci Holding said in a bourse filing it has received $10 million of the total price in advance and will receive the remaining amount on the closing date of the transaction.

The deal is subject to regulatory approvals.

Earlier on Tuesday, Sabanci Holding said it had agreed with petrochemicals producer Indorama Netherlands to scrap their agreement for it to acquire the Sasa Polyester stake even though Turkey’s competition regulator had already cleared the transaction.

($ = 0.850 euro)

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