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5.03%.
In a bid to benefit from the latest positivity, Isbank (ISCTR) pension fund, which has a 37.52% stake in the lender, said on November 19 in a stock exchange filing that it registered 50mn Isbank shares, or a 1.11% stake in the lender’s TRY4.5bn paid-in capital, as tradable shares on the market.
On November 9, Russian tycoon Mikhail Fridman sold a 5% stake in Turkey’s largest mobile operator Turkcell (TCELL) in an accelerated share-sale.
On November 26, Sabanci Holding (SAHOL), one of Turkey’s largest conglomerates, announced plans to sell a 10.28% stake in its technology retailing subsidiary Teknosa (TKNSA) via the secondary market based on market prices.
Is there the steam to take things further?
Bloomberg has lately become really bullish on Turkey.
Erdogan may not be aware of just how much Turkey is back in the market’s hands since he swallowed the "bitter pill" and waved through a big interest rate hike. The market will demand more and more ahead of December 24, the date of the next Turkish monetary policy committee (MPC) meeting.
Turkey’s previous policy simplification, suggesting the end of its interest rate corridor, was in June 2018, two months before the lira crash in August.
Bets are open on the timing of the next crash. One catalyst could be the US Congress insisting on sanctions. Others could be a call for snap elections, external debt rollovers or a surprise.
12 TURKEY Country Report December 2020 www.intellinews.com
