Kartonsan shares swing after discounted $72 mln controlling stake sale

Kartonsan Karton Sanayi ve Ticaret

07/07/2026 09:12

GDANSK, July 7 (Reuters) - Shares in Turkish cardboard producer Kartonsan KARTN.IS were volatile on Tuesday after the company's controlling shareholders agreed to sell their combined 77.2% stake for $72 million in a transaction priced at a steep discount to the stock's market value.
According to a company statement, Pak Holding, Asil Holding and Pak Gida Uretim ve Pazarlama signed an agreement to sell shares with a total nominal value of 57.91 million lira, representing 77.21% of Kartonsan's paid-in capital of 75 million lira, to Hasan Peker and Aydin Veli Serin.
Under the agreement, Peker and Serin will each acquire a 38.605% stake, corresponding to shares with a nominal value of approximately 28.95 million lira.
Based on Reuters calculations, the deal values the shares at 58.11 lira each, representing a 68.1% discount to Kartonsan's Monday closing price of 182.1 lira.
Kartonsan shares initially rose as much as 3.79% in early trade following the announcement before reversing course and falling as much as 1.15%.
Trading in the stock was temporarily suspended after sharp price movements. After trading resumed, the shares were down 2.47% as of 0752 GMT.
Kartonsan, a Turkey-based producer of coated cardboard made from recycled paper, had a market capitalisation of about 13.6 billion lira on Tuesday, compared with 13.7 billion lira at Monday's close.

(Reporting by Canan Sevgili; Editing by Daren Butler)
((canan.sevgili@thomsonreuters.com;))