Soktas Rises to 5-Month High on Unit’s IFC Stake Sale Talks
Soktas Tekstil Sanayi & Ticaret AS (SKTAS), a Turkish textiles and food company, rose to the highest in five months after its farming and dairy unit began talks to sell a minority stake to the International Finance Corporation.
The shares jumped 7.1 percent to 7.22 liras at the close in Istanbul, the strongest level since Nov. 10. The increase today is the most since August 24 and accompanied by volume at 521,165, which is 489 percent of the three-month average.
Soktas, based in Aydin in western Turkey, will postpone an initial public offering plan in unit Efeler Ciftligi Tarim & Hayvancilik AS to await the outcome of its talks with the IFC, it said in a statement to the Istanbul Stock Exchange after the close yesterday.
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