Page 50 - TURKRptJul20

8.3 ​Stock market
8.3.1 ​Equity​ market dynamics
June 5 saw Finance Minister Albayrak celebrating, on Twitter, ​the longest rally on record​ at Borsa Istanbul (entirely driven by local gamblers, the foreign contingent has fled).
8.3.2 ​ ECM news
Turkey’s Global Yatirim Holding is planning an initial public offering (IPO) by September at the latest for its 95.5%-held liquefied natural gas (LNG) sales subsidiary Naturelgaz, business daily Dunya ​quoted​ the holding’s chairman, Mehmet Kutman, as saying on June 17.
Naturelgaz, established in 2004, accounts for a 20% share in Turkey’s LNG market. It recently signed a share purchase agreement to buy 100% of Socar Turkey LNG, the newspaper also noted.
In January, Global Yatirim Holding applied to Turkey’s Capital Markets Board (SPK) to float Naturelgaz shares.
On June 18, Kutman spoke with BloombergHT, confirming that the company would go ahead with a Naturelgaz stock market debut “very soon”.
50​ TURKEY Country Report​ July 2020 ​ ​www.intellinews.com