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9.2 Major corporate news 9.2.1 Oil & gas corporate news
Lazard Asset Management has sold 350,000 shares in largest Turkish refiner Tupras (TUPRS) at a price of Turkish lira (TRY) 82.97 per share for an overall TRY29mn, the US-based investment company has notified the market in a stock exchange filing.
The transaction reduces Lazard’s stake in Tupras held on behalf of clients to 4.91% from 5.05%.
Shareholders in a Borsa Istanbul-listed company are obliged to inform public disclosure platform KAP of any stake moving above or below the 5% threshold.
The stake sold by Lazard accounted for 0.14% of Tupras’ total share capital, 0.29% of its free-float shares and 12.4% of its average daily trading volume across last year, according to Seker Invest.
In June 2018, Lazard said that its stake in Tupras moved above the 5% threshold, reaching 5.38% from 4.77%.
In February 2020, the world’s largest asset manager, BlackRock, said that its stake in Tupras had fallen below 5%.
As of May 22, Tupras accounted for 4.52% (as the eighth largest stock) in BlackRock’s iShares MSCI Turkey ETF (TUR), down from 5.11% (fifth largest) on February 6. TUR had $188mn of net assets as of May 22.
Norway’s sovereign wealth fund held a 1.02% stake in Tupras as of end-2019. It held the same stake size at end-2018.
Foreign investors’ stakes in the Tupras free-float fell to 58% on May 22 from 78% at end-2019.
Koc Holding controls 51% of Tupras via subsidiaries. The remaining 49% is free-float. Turkey’s privatisation administration has one golden share.
Tupras had a TRY20bn ($3bn) market cap as of May 22.
Tupras supplies around 55% of Turkey’s petroleum product needs. It has four refining facilities located across Turkey. The petroleum product storage
57 TURKEY Country Report June 2020 www.intellinews.com
