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Earlier this year, BlackRock and Lazard Asset Management informed the public disclosure platform (KAP) that their stakes in Tupras had fallen below the 5% threshold, a level which imposes an obligation on shareholders in Borsa Istanbul-listed companies to inform the public when their stakes move up or down.
Foreign investors’ stakes in the Tupras free-float fell to 39% as of August 14 from 64% at end-April and 78% at end-2019.
Tupras had a TRY20bn market cap as of August 17.
In October 2017, Tupras issued $700mn worth of seven-year eurobonds (XS1686704948) with a coupon of 4.5%.
9.2.2 Automotive corporate news
On August 11, the Turkish competition authority launched a probe into Tofas and Ford Otosan along with Istanbul-listed car dealer Dogus Otomotiv, owned by debt-troubled local conglomerate Dogus Holding.
In January-June, Tofas produced nearly 85,000 vehicles of which 48,000 units were exported. It sold 39,000 passenger cars and light commercial vehicles on the local market in the period, which accounted for 26% of all
57 TURKEY Country Report September 2020 www.intellinews.com
