Sabanci Plans Enerjisa, Avivasa, Temsa, Teknosa IPOs
Haci Omer Sabanci Holding AS, Turkey’s second-biggest group of companies, plans to sell shares in four of its units to the public in initial offerings.
Sabanci will seek buyers for shares in bus-maker Temsa, life insurance unit Avivasa, electronics retailer Teknosa, and energy company Enerjisa, chief executive Zafer Kurtul said at a news conference in Istanbul today. The sales are unlikely to start until 2012 and Enerjisa may be the first, Kurtul told CNBC-e television channel.
Turkey’s main ISE 100 share index has risen 27 percent in dollar terms since the start of this year, compared to 10 percent gains on the benchmark MSCI index of emerging markets. The government’s sale of shares in state oil company Turkiye Petrolleri AO is among other IPOs planned.
Enerjisa Group is jointly owned by Sabanci and Austria’s Verbund and controls three companies operating in power generation, distribution and trading. Kurtul didn’t say whether Sabanci plans to sell shares in the parent or its units.
Sabanci owns half of Avivasa AS, a life insurer and private pension fund. London-based Aviva Plc owns the rest.
Kurtul said Sabanci expects sales of the whole group, which is also active in banking, cement and motor vehicle production, to increase by 15 percent annually next year after expanding 8 percent in 2010 to 21 billion liras ($14.5 billion.) Sabanci will increase dividend income for shareholders, he said.
Akbank TAS, a partnership in banking with Citigroup Inc., may sell bonds in Turkey, Kurtul said. Sabanci also plans to sell a stake in its insurance unit Aksigorta AS to an investor by January or February, reducing bidders to one by December, he said.