Mubasher: The European Bank for Reconstruction and Development (EBRD) on Wednesday announced its acquisition of a minority stake at Yıldız Holding’s Şok Marketler, one of the largest initial public offerings (IPOs) on Borsa İstanbul.
The $82 million investment would support the Turkish discount grocer’s growth, while reinforcing its competitive advantage as one of the leading discount retailers in Turkey, and enhancing its capital structure.
On a broader level, EBRD’s investment would boost the Turkish capital market, amid a fading sentiment among investors.
Şok, whose listing raised $531 million, operates one-stop stores which offer fruits, vegetables, and a wide array of other products at competitive prices. The retailer has 5,100 stores and 24 warehouses.
It is also worth noting that since 2009, the EBRD has made major investments of EUR 10 billion in various segments of the Turkish economy, mostly in the private sector.
Last year, the bank invested EUR 1.6 billion in 51 projects across the country, with roughly a third of the financing provided in Turkish lira.