Carrefoursa Owners Said to Hire Bank of America for Offering

Updated on

The owners of Turkish supermarket chain Carrefoursa have hired Bank of America Corp. to sell shares in the joint venture to boost the stock’s trading on the Istanbul stock exchange, according to people with knowledge of the matter.

The companies haven’t made a final decision about the share sale, said the people, who asked not to be named because the companies’ plans are private.

Carrefoursa Carrefour Sabanci Ticaret Merkezi AS -- controlled by French grocery giant Carrefour SA and Turkish conglomerate Haci Omer Sabanci Holding AS -- is considering increasing its free float above 2.9 percent through a so-called secondary public offering, Sabanci Chief Executive Officer Zafer Kurtul said last month.

Sabanci’s head of retail, Haluk Dincer, said the board hasn’t made a decision about or a share sale at Carrefoursa or reached an agreement with an investment bank. Representatives for for Bank of America and Carrefour declined to comment.

The listing will boost Carrefoursa’s liquidity as the company’s profit and revenue improve. The grocer agreed to buy regional supermarkets -- including stores from Genyapi, Ismar Marketler Zinciri, Antalya Market, and an 85 percent-stake in Kiler Alisveris Hizmetleri Gida Sanayi & Ticaret AS -- since 2014 to speed up growth.

Carrefoursa competes with discount retailer Bim Birlesik Magazalar AS, the country’s biggest grocer, as well as Migros Ticaret AS and Tesco Plc’s Kipa unit.

— With assistance by Andrew Roberts

(Updates with comments from Sabanci executive in fourth paragraph.)
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