Turkish private lender Is Bankasi reportedly sells olive producing unit Ant Gida. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Turkish daily Hurriyet reported that Is Bankasi, Turkey's largest lender by asset size, applied to Turkish competition authority to sell its 99.89% olive producing subsidiary Ant Gida Tarim to local companies Merkur Maden and Merpa Maden for an undisclosed sum due to Turkish banking watchdog BDDK's expected regulations banning lenders to operate companies in the fields rather than finance.
Is Bankasi acquired Ant Gida in 1994 in exchange to a USD 150mn worth unpaid loan.
Muammer Gungor, general manager of Ant Gida, told daily Hurriyet that the lender has not informed the company regarding the sale.
Ant Gida has an annual olive production of 10,000 tonnes and produces olive under Fora, Selekoy, Deste and Yazma brands, according to the daily.
Is Bankasi is also active in glass manufacturing, health and port operating industries.
Ant Gida operates with a paid-in capital of TRY 50mn (EUR 17mn), according to the public disclosure platform (KAP).
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