(MEBG) - Turkey's privatization board has received about $1.26 billion from a consortium, which includes Is Bankasi and Dogan Holding, for the 51 percent of the petrol marketing company, Petrol Ofisi (POAS), reported Misrtimes on July 28. The POAS sale is a key part of Turkey's privatization program, which projects $7.6 billion in state asset sales this year, under a three-year, $4 billion standby accord with the International Monetary Fund.
The deal further boosts paid-in privatization revenue, after the $1.14 billion earned from the public offering of 31.5 percent in petroleum refiner Tupras.
POAS shares were trading up 5.26 percent at the time of the signing ceremony at 30,000 lira. Just less than 7 percent of the company is traded on the Istanbul stock exchange, while the privatization administration retains 42 percent.
The union of petrol sector workers pledged to continue legal attempts to block the sale, which it believes will lead to job losses. POAS, first earmarked for sale in 1990, operates some 5,500 of Turkey's 8,000 petrol stations. It holds 44 percent of the petroleum products market and employs some 6,300 people.
© 2000 Mena Report (www.menareport.com)
