Al Baraka Türk to go public offering
AlBaraka Türk, AlBaraka Banking Group’s subsidiary in Turkey, will offer YTL 54.5 million worth of stocks to the public. The participation bank’s paid-in capital will rise to YTL 269.5 million from YTL 215 million as a result of the floatation. The bank will sell 20.22 percent of is shares through the initial public offering (IPO), which will be carried along by a consortium consisting of 43 members under the leadership of Financial Investment Stocks and Shares Corp. In a press conference in İstanbul yesterday, AlBaraka Türk General Manager Adnan Büyükdeniz said they had started the process to become the second participation bank open to the public, following Bank Asya. With additional sales, the percentage of the bank open to the public will rise to 20.57 percent. Büyükdeniz said 70 percent of the loans they provided to the private sector had been utilized by the small and medium-sized enterprises and his bank prefers to focus on the housing segment of individual banking. He added that said the money obtained from the IPO will primarily be used to fuel their expansion plans to increase the number of branches to 80 by opening 15 new ones. The price interval for the IPO was determined at between YTL 3.6 and YTL 4.1. The bank will earn between $150 and $170 million from the IPO.
source: Today’s Zaman