Middle East Economic Survey


No 18



Petkim IPO Raises $288Mn

Turkeys Privatization Authority (PA) on 18 April announced that 35.4% of state-owned petrochemical company Petkim had been sold through a public offering on the Istanbul Stock Exchange raised $287.7mn. The PA announced in March that it would put a portion of the firms shares up for sale in April. The sale leaves 53.46% of the company in state hands. The PA in August 2003 canceled its tender to sell the states...