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Aarbar's Acquisition of Banvit Completed

09 August 2011

TURKEY - Poultry company, Banvit, has sold its shares to Aabar Investments of United Arab Emirates.

Shares of Banvit, a leading Turkish poultry and processed food company, were sold to the United Arab Emirates’ Aabar Investments yesterday (8 August), reports Hurriyet Daily News.

Banvit, owned by the vice chairman of the firm's executive board, Valid Faruk Ebubekir,has announced the transaction in a statement in Istanbul Stock Exchange (ISE) web site although the signing of a preliminary contract for the sale was announced earlier.

The company's statement said: "According to the information we have received, Valid Faruk Ebubekir's 16.32-million Turkish Liras worth of Banvit shares have been sold at 4.8 liras per share to Aabar Investments based in the United Arab Emirates."

The total amount paid by Aabar Investments was nearly TKL78.34 million, according to the statement.

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