Page 101 - TURKRptDec19

stores abroad.
According to the latest financials of the company, Migros’s sales jumped more than 28% on an annual basis to Turkish lira (TRY) 5.8bn (€909mn) in the second quarter of 2019 while 6-month revenues jumped 27% y/y to TRY10.7bn.
The company’s share of Turkey’s FMCG market improved to 7.9% as of June versus 6.8% a year earlier.
But the retailer posted a net loss of TRY381mn in the first half of 2019. That was, however, down from the TRY540mn loss it reported in H1 last year.
In July 2015, Anadolu Endustri Holding became the indirect owner of 40.25% of Migros’ shares by acquiring an 80.5% stake in MH Perakendecilik. In May 2017, AG Anadolu Grubu Holding became the indirect owner of 50% of Migros’ shares by becoming the sole owner of MH Perakendecilik. BC Partners’ indirect share in Migros is 23.2% through its subsidiaries.
A total of 26.8% of Migros’ shares are free-float.
9.2.6​ Agriculture corporate news
The Turkish owners of the Nusr-Et steakhouse, known by its founder chef’s meme Salt Bae, are considering selling a stake in the business​, according to people with knowledge of the plans cited by Bloomberg on November 12.
Turkish billionaire Ferit Sahenk, and co-founders Nusret Gokce and Mithat Erdem, may sell a combined stake or an individual holding to one or a group of investors, the people reportedly said, adding that there’s been strong interest from international investors and a financial adviser is assessing potential bids.
The valuation of Nusr-Et as a standalone enterprise could reach $1bn or more, according to two people familiar with the sales discussions cited in the news agency’s report.
Nusr-Et was established in 2010 in Istanbul by Turkish butcher Gokce. By now it also operates steakhouses and burger joints in New York, Miami, Dubai and on the Greek island of Mykonos. Gokce and Erdem hold a combined 49% in the restaurant chain, while Sahenk’s D.ream Group, or Dogus Restaurants Entertainment & Management, holds the remainder, the people reportedly said.
Dogus Holding struggled to make repayments on foreign-exchange loans after the Turkish lira crash during the summer of 2018. It then restructured around $2.5bn of debt and moved to a strategy of disposing of stakes in hotels and restaurants as part of the the renegotiated FX loans agreement. It could dispose of investments worth as much as €800mn ($882mn), Sahenk said in August.
The company had earnings before interest, tax, depreciation and amortisation (Ebitda) of around $70mn this year, according to the people referred to as sources.
Dogus Holding was considering spinning off some of his D.ream restaurant business in a potential London initial public offering (IPO), Bloomberg News has reported. D.ream also has the franchise of Japanese restaurant Zuma, Coya and El Paraguas brands.
Dogus Holding sold 17% of D.ream International BV to Singapore’s
101​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com