Turkey's Tofas hits record high after JV owners agree expansion

Tofas Turk Otomobil Fabrikasi

02/03/2023 08:28

** Shares in Turkey's Tofas  TOASO.IS  rise close to 7%
after its owners Stellantis  STLAM.MI  and Koc Holding
 KCHOL.IS  reach agreement on the JV expansion
    ** Tofas will acquire the entire share capital of the
Stellantis distribution company in Turkey, Stellantis Otomotiv
Pazarlama, resulting in the Franco-Italian carmaker's brands in
the country being distributed by Tofas
    ** Brokerages Ziraat Yatirim and Halk Yatirim expect the
news to be positive for Tofas shares
    ** The stock is the top performer in BIST-100 index  .XU100 
    ** The stock hits a record high of around 190 lira
    ** Shares in Koc Holding rise 2.7%
 

 (Reporting by Canan Sevgili)
 ((canan.sevgili@thomsonreuters.com))