March 23, 2018 / 11:32 AM / a year ago

Turkey's Zorlu Holding CEO says preparing units for IPO

ISTANBUL, March 23 (Reuters) - Turkey’s Zorlu Holding is preparing its units for initial public offerings either in the domestic market or abroad, its chief executive Omer Yungul told Reuters on Friday, and it was also considering using international capital markets instruments.

He did not specify a time frame for any offerings.

During an economy summit in northwest Turkey, Yungul said the amount of its battery project investment with China’s GSR had been raised to $4.8 billion from $4.5 billion.

He said 25 percent of the funding for this would be done through equity and the remainder through project finance.

Zorlu Holding should be able to consider public offering of the battery project company in 2020, Yungul also said adding that major European companies contacted for supply deals after the announcement of the battery investment.

In February, Zorlu announced it had signed an agreement with the Chinese investment firm GSR Capital for investments to build an electrical car battery factory. (Writing by Ezgi Erkoyun Editing by Daren Butler)

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