Wealth Fund buys Kardemir shares

The Turkey Wealth Fund has taken action to overcome a long-standing shareholding problem. In the statement made by the Fund to the Public Disclosure Platform (KAP), it was stated that an agreement was reached to purchase a portion of the Group A shares of two shareholders in Kardemir outside the stock exchange. The Turkey Wealth Fund has taken a step to resolve the shareholding problem that has been going on for years in Kardemir. The Fund has reached an agreement with two subsidiaries, Kardökmak and Karçel, who hold 9.76 percent of the Group A shares of Kardemir. With the Kardemir A shares purchased from the two companies, the Fund’s share in Kardemir has increased to 4.38 percent. In a statement made to the Public Disclosure Platform by the Fund, it was stated that "An agreement was reached with the Wealth Fund to purchase, outside the stock exchange, the Group A shares of Kardökmak AŞ with a nominal value of TL 31.99 million within the Kardemir capital and the Group A shares of Karabük Çelik Yapı İmalat Kurulum İnşaat Nakliyat Sanayi ve Ticaret AŞ with a nominal value of TL 18.29 million within the Kardemir capital at a price of TL 13.05 per share, which is the closing price of the Stock Exchange on December 5." The total size of the transaction was recorded as TL 656.34 million.