SOCAR increases share in its Turkey-based subsidiary to 100%

SOCAR has increased the share in SOCAR Turkey Energy from 87% to 100%, Report informs, citing Public Disclosure Platform.

According to the information, Goldman Sachs International ("Goldman Sachs") and JP Morgan Securities PLC, have jointly structured a transaction in which Goldman Sachs has subscribed for 890.574.713 newly issued ordinary shares corresponding to 13% of the total issued share capital (post-money) of controlling shareholder SOCAR Turkey Enerji A.Ş. ("STEAŞ"), a subsidiary of the State Oil Company of the Azerbaijan Republic ("SOCAR"), for a total consideration of USD1.3 billion while simultaneously entering into six year put option transactions with each of STEAŞ and Sermaye Investments Limited ("SIL"), a subsidiary of SOCAR.

The transaction regarding the purchase of the shares mentioned above totalling to 890,574,713 corresponding to approximately 13% of STEAŞ by SIL is completed.