The European Bank for Reconstruction and Development will buy as much as 20 percent of the shares in the initial public offering of Turkey’s Global Liman, as the port operator seeks funds for international expansion.
Global Yatirim Holding AS, the parent holding company, is selling as many as about 38 million shares, or 42 percent of the port unit, at between 19.6 liras and 23.5 liras apiece. EBRD will have a seat on the board of Global Liman Isletmeleri AS, as the unit is formally known, according to a company statement.
“The amount EBRD will pay for Global Liman shares will be used in the financing of acquisitions of ports in the countries that EBRD has operations,” Global said in the filing.
The operator may buy cruise ports in Dubrovnik, Valletta, Venice and a container port in Riga, according to a note by Global Menkul Degerler, a brokerage owned by Global Yatirim.
Global Yatirim shares rose as much as 9.2 percent to 2.84 liras in Istanbul, the highest level in more than a decade on a closing basis. The shares gained 3.5 percent to 2.69 liras as of 1:08 p.m. local time.