March 12 (Bloomberg) -- Members of the Koc family are selling a stake valued at about 1 billion liras ($555 million) in Koc Holding AS, Turkey’s largest group of companies, and plan to use the proceeds for charity.
The stake of 100 million shares, equivalent to 3.94 percent of the company, is being offered to overseas institutional investors at between 9.50 liras and Koc’s market price, according to terms obtained by Bloomberg News. Koc shares fell 1.48 percent today to 10 lira at the close in Istanbul.
The sellers of the Istanbul-based company’s shares are Mustafa Rahmi Koc, Koc Vice Chairman Suna Kirac and Chairman Mustafa Vehbi Koc, according to a company statement. After the sale, they will own 4.44 percent, 2.88 percent and 2.45 percent of the company, respectively.
Deutsche Bank AG is the sole manager for the sale, according to the statement. The shareholders have pledged not to sell any more shares for at least six months.
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