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TKNSA - Teknosa Ic Ve Dis Ticaret AS News Story

TRY15.94 -0.3  -1.8%

Last Trade - 03/03/21

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £168.5m
Enterprise Value £192.0m
Revenue £538.9m
Position in Universe 178th / 645

UPDATE 1-Turkey's Sabanci aims to grow in areas where it has expertise

Thu 25th June, 2020 4:18pm
(Adds comments, background)
    By Ceyda Caglayan and Ezgi Erkoyun
    ISTANBUL, June 25 (Reuters) - Sabanci Holding  SAHOL.IS 
aims to expand in areas where the Turkish conglomerate already
has expertise such as energy and material technologies and is
seeking investment abroad, its Chief Executive Cenk Alper said
on Thursday.
    Making an investment in a new industry would be an
"adventure" during the current risky period brought on by the
coronavirus pandemic, Alper said in an interview with reporters.
    The CEO said Sabanci's Kordsa division, which makes tires,
construction reinforcement and composites, is looking at
acquisition opportunities in Europe to bring its technology
closer to its customer base.
    Kordsa has almost completed its investment in the United
States for composite and honeycomb production technologies,
Alper said, adding that Sabanci was also looking at other
business opportunities within Turkey and abroad.
    Sabanci Holding - which holds energy, banking and retail
interests among others, has assets worth 441.3 billion lira ($64
billion), according to its balance sheet.
    The group aims to transform or exit some of its businesses
and will unveil a detailed long-term plan in August or
September, Alper said.
    "We will either transform some of our businesses in line
with our strategy, we will digitalise them, we will make them
sustainable or we will exit them at a convenient time," Alper
said, pointing to a possible re-evaluation of its retail arm.
    The CEO said the group would prioritise a debt restructuring
of its power generation business Enerjisa Uretim and turn it
into a dividend-paying company before a possible stock exchange
listing.
    He said Sabanci could bid in new renewable energy tenders
and also consider buying operational power plants from
competitors.

($1 = 6.8545 liras)

 (Editing by Jonathan Spicer and Jane Merriman)
 ((ezgi.erkoyun@thomsonreuters.com; +90-212-350 7051; Reuters
Messaging: ezgi.erkoyun.thomsonreuters.com@reuters.net;))
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