ARY Holding strikes deal to transfer Tekfen Holding shares to Libco Insaat
ARY Holding strikes deal to transfer Tekfen Holding shares to Libco Insaat GDANSK, June 29 (Reuters) - ARY Holding has signed a share transfer agreement to sell its direct and indirect stake in Turkish construction and engineering firm Tekfen Holding TKFEN.IS to Libco Insaat, the company said on Friday.
The transaction covers ARY's direct 23.4% stake in Tekfen as well as its full ownership of Vera Ticari Danismanlik, which holds an additional 8.68% stake, bringing the total to 32.08%.
Upon completion, Libco will control the entire combined stake through direct and indirect ownership, ARY said.
The company added that the deal will not result in a change of control at Tekfen under capital markets regulations.
Closing remains subject to customary procedures, with further disclosure to follow once completed.
(Reporting by Arda Dipova and Canan Sevgili; Editing by Daren Butler)
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