Erdemoğlu sells Sasa shares to foreigners

Erdemoğlu Holding sold 3.55 billion TL worth of Sasa shares to foreign institutional investors. Erdemoğlu Holding sold shares in Sasa to foreigners. According to the statement made to the Public Disclosure Platform (KAP), 66.9 million shares, corresponding to 1.26 percent of Sasa’s paid-in capital, were sold to foreign institutional investors through the accelerated book-building method. The transaction was priced at 53 TL per share, and Erdemoğlu Holding earned approximately 3.55 billion TL from the sale. HSBC was appointed as the sole global coordinator and book-builder within the scope of the transaction. Erdemoğlu’s share fell below 60 percent Following the completion of the transaction, Erdemoğlu’s direct shareholding in Sasa became 59.7 percent. Erdemoğlu will remain the majority shareholder of Sasa and maintain management control in Sasa. Erdemoğlu has reached an agreement with HSBC on a 90-day non-sale commitment for Erdemoğlu’s remaining Sasa shares, subject to customary exceptions. According to the statement, Erdemoğlu plans to use a large portion of the proceeds from the transaction to fully participate in the debt instrument as the sole investor after it is issued. If there is additional income, this additional income will be used by Erdemoğlu for its general corporate needs. The proceeds from the transaction, which will be used to participate in the debt instrument, will be held in cash and cash equivalents until the issuance date. The transaction is expected to be finalized in an off-exchange transaction on June 15, 2023.