Airline Caterer To List In Turkey
Austrian-listed catering firm Do & Co, a supplier to Turkish Airlines, will become the first foreign firm to list on the Istanbul stock exchange following a change in regulations, it said.
The Capital Markets Board of Turkey reformed regulations to allow non-Turkish firms to list as part of its ongoing efforts to make Istanbul a financial hub.
Do & Co, which has an existing market capitalisation of EUR€265 million (USD$353 million) through its listing on the Vienna stock exchange, said on Wednesday it would list in Turkey to increase liquidity and align its listing to where it sees most expansion.
Turkish Airlines, Europe's fourth-largest carrier by passengers, saw January to October passengers rise 17.3 percent from the same period the previous year. It is rapidly adding new routes.
Do & Co said it would issue about 1.95 million new shares, and sell 150,000 treasury shares.
As part of the listing at least 30 percent of the total placement will be made to Turkish retail and institutional accounts. The remaining 70 percent will be allocated to international institutional investors and subscriptions rights offering.
It did not give a precise timing for the move.