Middle East Economic Survey

VOL. XLVIII

No 11

14-March-2005

TURKEY

Turkey Sells 15% Of Tupras Refiner To Foreign Investors Through Stock Exchange

Turkeys Privatization Authority (PA) on 4 March announced the sale of 14.76% of Tupras shares to foreign investors through the Wholesale Sales Market of the Istanbul Stock Exchange. The 36.97mn shares sold at a price of Turkish new lira (TNL) 15.40 each, earning the government TNL 569mn ($445mn). The government continues to hold 51%, while 34% is traded...