March 7, 2017 / 11:45 AM / 3 years ago

BRIEF-Turkish retailer BIM mulls opening 200-300 stores in Iran

March 7 (Reuters) - Turkish retail company BIM Birlesik Magazalar AS aims to open 200-300 stores in Iran if it decides to go ahead and enter a market that was shut off due to economic sanctions until Jan. 2016.

* In February, BIM authorized its executive committee to initiate research to explore opportunities and investment potential in Iran’s retail market

* Executive committee member Galip Aykac said the necessary processes to examine the potential in Iran and open stores in the country are proceeding rapidly.

* Executive Committee Member and CFO Haluk Dortluoglu said that Iran’s economy is likely to develop in the near future and he sees the country as an attractive market.

* Globally, BIM plans to open 500 BIM and 25 FILE stores in 2017, Dortluoglu added.

* Shares rose 5 percent to 56.25 lira in afternoon trade.

Source text for Eikon:

Further company coverage: (Reporting by Ceyda Çağlayan; Translated by Muhammed Bakır Dursun in Gdynia; Editing by Daren Butler in Istanbul)

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