TC Ziraat Bankasi AS and Turkiye Is Bankasi AS managed the off-market sale of 12.7 billion liras ($254 million) in equities to pension and investment funds. The assets were broken into 20 equal blocks containing components of the benchmark BIST-30 Index based on Nov. 3 closing prices. Under an approved framework law, authorities have already initiated interim payments to clients of the affected funds. To shield the domestic exchange from sudden secondary market pressure, buyers must comply with a three-month resale restriction.
Key points
The managed liquidation helps resolve uncertainty across 131 frozen funds operated by sev…: The managed liquidation helps resolve uncertainty across 131 frozen funds operated by seven asset managers.
Turkish authorities have already begun distributing interim payments to assist more than…: Turkish authorities have already begun distributing interim payments to assist more than 455,000 affected investors.
Buyers face a mandatory three-month lockup that bans them from reselling the benchmark sh…: Buyers face a mandatory three-month lockup that bans them from reselling the benchmark shares on Borsa Istanbul.
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(Bloomberg) -- Banks overseeing Turkey’s fund liquidations sold about $254 million of blue-chip shares held by frozen funds off-market, in a move that could help remove an overhang on the country’s stock indexes.
TC Ziraat Bankasi AS and Turkiye Is Bankasi AS, which were tasked with overseeing the liquidation, completed the sale on Nov. 3 through an off-exchange placement to investment and pension funds, a notice seen by Bloomberg showed.
The sale may ease pressure on Turkey’s main stock indexes by removing a major source of uncertainty. Investors have been waiting to see how shares held by funds being wound down would be sold and whether large disposals could hit the market.
The transactions were valued at 12.7 billion liras ($254 million), according to the notice sent by Turkey’s Capital Markets Association to asset managers. The association didn’t immediately comment when contacted by Bloomberg.
Settlement will take place on Wednesday through a conditional transfer mechanism, according to the notice.
The transaction marks a significant step in the liquidation of 131 funds managed by seven asset managers. Regulators ordered the funds…
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