Koç Holding responded to allegations that the United Arab Emirates (UAE) based First Abu Dhabi Bank (FAB) is about to acquire a 61 percent stake in Yapı Kredi. In a statement to the Public Disclosure Platform (KAP), the Holding stated that such news does not reflect the truth and that there is no development that requires a public disclosure at the moment.
In its statement to the Public Disclosure Platform (KAP), Koç Holding reminded the news in the media that the sales negotiations have reached the final stage and said, “Although preliminary negotiations are ongoing, it has been disclosed to the public that there is no development that requires a public disclosure within the scope of the Capital Markets Board’s II-15.1 Communiqué on Material Events.” The Holding emphasized that after this statement, different news and comments in the media and investor questions continued, but the information provided in these news does not reflect the truth.
According to Reuters, it was stated that negotiations were held between FAB and Koç Holding for the sale of 61.2 percent of Yapı Kredi shares and that significant progress was made in these negotiations. Following the news, Yapı Kredi shares increased by 6.7% on the Istanbul Stock Exchange, while Koç Holding shares increased by 3.7%. However, Koç Holding stated that these news are speculative and that accurate information will only be provided through official statements to be made through KAP.
Negotiations on the Sale Price
Sources told Reuters that Koç Holding is seeking around $8.5 billion for its stake in Yapı Kredi, while FAB has offered around $7.5 billion. However, the names of these sources were not disclosed and both sides declined to comment officially on the matter.
Koç Holding’s Stake and Status
Koç Financial Services owns 40.95% of Yapı Kredi, while Koç Holding owns 20.22%. In this context, Koç Holding’s total share in Yapı Kredi is 61.2%. Koç Holding emphasized that if there is a concrete development regarding the sale of these shares, it will be shared with investors in accordance with the relevant regulations and that news other than the official statements of the company should not be relied upon.
Koç Holding stated that the news in the press regarding the sale of Yapı Kredi is speculative and that there is no situation that requires a public disclosure at the moment. It was stated that preliminary negotiations are ongoing, but official and concrete developments will be shared via KAP. Investors and the public were warned to follow only the company’s official statements in order to access accurate information.
