Global Yatirim Ends Three-Day Slump on Bids for Energy Units

Global Yatirim Holding AS (GLYHO), a Turkish group with interests in financial services and energy, advanced in Istanbul after saying it received preliminary bids for minority stakes in its energy unit.

The shares added 3.4 percent to 1.21 liras at the close of trading, ending a three-day decline. The increase brought the stock’s quarterly gain to 12 percent, making it the best quarter since the first quarter of 2011.

Global received non-binding initial bids for stakes in Global Enerji Hizmetleri & Isletmeciligi AS and its related units and will start a due-diligence and bidding process for selected investors, it said in a statement to the exchange today. Raiffeisen Investment AG is advising, it said.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.