Turkey's Akkok plans subsidiary IPOs and further investment, CEO says

Aksa Enerji Uretim AS

17/05/2024 10:12

ISTANBUL, May 17 (Reuters) - Turkish chemicals and
materials conglomerate Akkok Holding could carve out some
operations through initial public offerings (IPOs) and expand
its investment programme, Chief Executive Goksin Durusoy said on
Friday.
    Akkok, owned by the Dinckok family, controls the world's
largest acrylic fibre producer Aksa Akrilik  AKSA.IS  as well as
basic chemicals producer Akkim. It also co-owns carbon fibre
producer DowAksa with Dow  DOW.N .
    The company plans IPOs for one more of its subsidiaries,
Durusoy said without elaborating.
    Akkok expects 2024 revenue to be little changed from last
year at about $4 billion, with a focus on maintaining profit
margins. It expects higher revenue in 2025 as its $340 million
investment on epoxy resin and polyethylene production facilities
come online.
    Durusoy said the company is also on the lookout for further
investments.
    "We have organic and inorganic development plans," Durusoy
said, adding the company may borrow on international markets
after reducing its debt to record lows.
    Akkok's energy production business Akenerji  AKENR.IS  could
expand in cross-border electricity trade through its subsidiary
in the Netherlands while real estate investment arm Akis
 AKSGY.IS  could embark on a new development project this year,
Durusoy added. 

 (Reporting by Can Sezer
Editing by Jonathan Spicer and David Goodman)
 ((can.sezer@tr.com;))