Ar Tarim Rises for a Third Day in Turkey on Income Clarification

Ar Tarim Organik Gida AS (ARTOG), an organic agriculture company, rose for a third day after saying any potential income from a new oil exploration unit would belong to the listed company.

The stock jumped 10 percent to 5.41 liras at 11:40 a.m. in Istanbul.

Ar Tarim announced after the market closed on June 12 that it was setting up a new unit to explore oil in southeastern Turkey, sending its shares soaring 16 percent yesterday.

The new unit will not be funded by the proceeds of the company’s May 31 initial public offering and any income from the unit will belong to the parent, Ar Tarim said in a statement to the exchange today.

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

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