Mutlu Aku & Malzemeleri Sanayi AS (MUTLU), Turkey’s biggest car-battery maker, plans to sell 70,000 square meters (750,000 square feet) of unused land in Istanbul, two people with knowledge of the matter said.
The Istanbul-based company, controlled by Mutlu Holding AS, is selling the land after winning planning approval last month, according to the people, who declined to be identified because the process is private. Mutlu Aku has received offers ranging from $120 million to $140 million and a transaction may be announced in coming weeks, one of the people said.
The property is in Istanbul’s Kartal district on the Asian side of Turkey’s largest city, the person said.
Mutlu Aku Chairman Attila Turker and Chief Executive Officer Ali Nuri Turker didn’t immediately answer phone calls seeking comment.
Mutlu Aku gained as much as 2.1 percent in Istanbul trading. The shares little changed at 5.64 liras at 3:12 p.m., giving the company a market value of about 319 million liras ($175 million).
To contact the reporter on this story: Ercan Ersoy in Istanbul at firstname.lastname@example.org.