Sabancı Holding has completed the public offering of 10 percent of its shares of its subsidiary Teknosa, which has recorded its most successful performance of the last 20 years, to fund its capital increase. With the funds generated by the sale of its shares, Sabancı Holding will expedite its investments to reinforce Teknosa’s technological infrastructure in 2021.
Sabancı Holding has successfully completed the public offering of its subsidiary Teknosa at the Istanbul Stock Exchange, planned to fund the company’s capital increase. Sabancı Holding offered another 10.28% of the 60.28% shares it holds to the public. As it announced before, Sabancı Holding, while remaining as the primary shareholder of the company, will instigate increase of capital funded by the sale of these shares to fund new investments in Teknosa, following the release of the end-of-year figures.
Commenting on the completion of the sale of the shares, Sabancı Holding CFO Barış Oran said, “Technology is an inseparable part of life and is becoming even more important by the day. Istanbul Stock Exchange investors have shown great interest in this step we have taken to prepare Teknosa for future expansion opportunities. We are very pleased to have completed this process in as short a time as one month, with an increase in our market value having gained new investors. This is an indicator of the capital markets’ appreciation of our actions as well as the trust in Sabancı Holding, in the technology sector and in Teknosa, as Turkey’s pioneering brand in tech retail. Through the leadership of Sabancı Holding and the strong support from our investors, we are determined to get Teknosa well and ready for the future.”
Underlining once more Sabancı Holding’s confidence in Teknosa, Barış Oran stated, “Teknosa is constantly developing and strengthening in terms of growth, profitability, agility and customer focus. More importantly, we all believe Teknosa to have very big opportunities ahead. The share sale process being completed successfully in such a short time is the harbinger of new investments in Teknosa. As I mentioned before, Sabancı Holding’s shares in Teknosa will never fall below 50+1 percent. In other words, Sabancı Holding will remain the dominant and largest shareholder of Teknosa just as it is today.