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Sasa Polyester shares suspended briefly after revaluation of lands
June 5, 2017 / 8:56 AM / 6 months ago

Sasa Polyester shares suspended briefly after revaluation of lands

ISTANBUL, June 5 (Reuters) - SASA Polyester’s lands in southern Turkey have been revalued at 600.3 million lira ($171.6 million) from the 25.8 million lira reported in its first-quarter results, the company said on Monday in a filing to the Istanbul stock exchange.

Shares of SASA Polyester climbed up as much as 14.5 percent following the announcement, before trading was briefly suspended. The stock was the top gainer of Turkey’s BIST index.

The company which makes polyester fibres, filament yarns and polymers will reflect the new value in the first-half earnings reports, the statement said.

The properties which were subject to revaluation were in the southern provinces of Adana and Hatay. ($1 = 3.4980 liras) (Writing by Ezgi Erkoyun; Editing by Dominic Evans)

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