SOCAR has sold 13% of its Turkish shares to the American bank
Edited by Rhod Mackenzie / 2015-08-21 07:07:12
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Goldman Sachs International (GSI), established by Goldman Sachs Group, has become a shareholder of SOCAR Turkiye Enerji (a 100% affiliate of SOCAR), the head of SOCAR Turkiye Enerji, K. Yavuz, said.
GSI paid $1.3 bln for 13% of shares of SOCAR Turkiye Enerji.
By the agreement of the parties, Goldman Sachs has the right to sell its stake in SOCAR Turkiye Enerji by means of an IPO within the coming 6 years. If the sale is not held within the stipulated period, Goldman Sachs has the right to sell 10% of shares to SOCAR Turkiye Enerji, the rest 3% might be sold to the owned by SOCAR Sermaye Investments Limited, K. Yavuz said.
