Uyum Jumps as Chairman Sale Boosts Stock Outlook: Istanbul Mover
Uyum Gida Ihtiyac Maddeleri Sanayi ve Ticaret AS (UYUM), a Turkish retail chain, headed for the highest close in almost five months after a stake sale by its chairman boosted the outlook for the stock.
The shares jumped 5.6 percent to 2.25 liras at 4:14 p.m. in Istanbul, set for the highest level since Jan. 25. Almost 2.5 million shares changed hands, about three times the three-month daily average, according to data compiled by Bloomberg. The Borsa Istanbul National 100 (XU100) index rose 1.4 percent to 78,853.15.
Uyum Chairman Iskender Keles sold his entire stake of 4.54 million Type A preferred stock to businessman Namik Tanik for 3.7 liras a share, according to a filing with Borsa Istanbul. The sale follows retailer Makro Market AS’s acquisition of a 47 percent stake in November for 2.88 liras a share.
“Type A shares offer seats at the board, so they are more expensive than the Type B shares that are traded,” Kenan Turan, an analyst at Yatirim Finansman Securities in Istanbul, said. “Still, the price acted as an indicator to investors that the stock is cheap.” Turan has an outperform recommendation on Uyum, with a 12-month price estimate of 2.93 liras.
Uyum operated 62 supermarkets across Turkey as of February, according to its website. Its first-quarter loss narrowed to 460,632 liras ($244,691) from a loss of 2.32 million liras a year earlier. The shares have advanced 2.7 percent this year.
“The stake sale signals that the new partner has confidence in the company’s story,” Cihan Baskal, Uyum’s investor relations manager, said in e-mailed comments. “This provides an anchor for Uyum’s restructuring” after Makro’s acquisition, he said.
To contact the reporter on this story: Taylan Bilgic in Istanbul at email@example.com
To contact the editor responsible for this story: Claudia Maedler at firstname.lastname@example.org