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Turkey's Richest Families Sell Almost $600 Million in Shares

  • Koc family sold about $475 million in Koc Holding: term sheet
  • Sabanci family also sold $100 million in Sabanci Holding
Updated on

Members of the families that own Turkey’s two biggest groups of companies sold a combined total of about $575 million in shares in their respective groups, as the benchmark Turkish stock index closed at a record high on Wednesday.

The Koc family, which runs the most valuable company on the Borsa Istanbul, sold 107 million shares for about $475 million in Koc Holding AS, according to a term sheet seen by Bloomberg News. In a separate deal, some members of the Sabanci family sold about $100 million in shares in Sabanci Holding, bookrunner Unlu & Co. told Bloomberg.