Teknosa Slumps as Investor Plans to Sell Shares: Istanbul MoverTaylan Bilgic
Teknosa Ic ve Dis Ticaret AS headed for its lowest close in a week after an investor applied to sell 1.82 million shares, a move that would raise the Turkish retailer’s equity available for trading by almost a fifth.
The unit of Haci Omer Sabanci Holding AS fell 2.1 percent to 11.85 liras at 2:19 p.m. in Istanbul, the lowest on a closing basis since Oct. 1. More than 150,000 shares changed hands, about 87 percent of the three-month daily average, according to data compiled by Bloomberg. Turkey’s Borsa Istanbul National 100 index slid 0.9 percent, declining for a fourth day.
Investor Demir Sabanci has registered to sell Teknosa’s stock, making it tradeable on the Istanbul bourse, the Central Securities Depository said in a statement yesterday. Of the 110 million shares outstanding for the company, 10.6 million are now available for trading on the Istanbul bourse, according to data compiled by Bloomberg.
“This shareholder’s action may create a short-term underperformance,” Ender Kaynar, an analyst at Ata Invest in Istanbul, said in a phone interview today.
Teknosa shares have surged 57 percent this year, compared with the benchmark index’s 5.1 percent decline.
Sabanci Holding, Turkey’s second-biggest group of companies that’s majority owned by the Sabanci family, owns 60.3 percent of Teknosa, according to company filings. In addition, the family members jointly account for a 29.7 percent stake in the technology retailer.
Teknosa held its initial public offering in May last year.