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SOCAR refuses to sell its share in Petkim

08 June 2015 15:36 (UTC +04:00)

The news was announced by Turkey's Public Disclosure Platform on June 8.

Earlier it was reported that SOCAR will sell these shares to the International Investment Fund.

Petkim shares were put on sale per four Turkish liras each to foreign funds operating in the U.S. and engaged in investment activities in international markets.

In 2009-2010, the holding's shares were sold for investment purposes through the Istanbul Stock Exchange for 2.10 Turkish liras per share, which was considered an enough low price at the time.

In 2014 the cost of the Petkim holding's stocks was the highest among the 30 stocks of large companies listed on the Istanbul Stock Exchange.

Petkim Petrochemical Holding, in which SOCAR owns a 61.32-percent share, manufactures plastic packages, fabric, PVC and detergents. It is the only Turkish producer manufacturing such products.

A quarter of Petkim's products are exported to foreign markets.