December 4, 2019 / 6:33 AM / 9 days ago

Turkey's Vakifbank says no call tender after Treasury takes over stake

ISTANBUL, Dec 4 (Reuters) - Turkish state lender Vakifbank said on Wednesday that a call tender for outstanding shares will not be held after the 58.5% stake held by the General Directorate of Foundations is transferred to the Treasury.

“The principles of Capital Markets Law including the obligatory call tender principles related to the share transfer process...will not be applied,” the statement said. The Official Gazette announced earlier that the Treasury was taking over the stake.

Reporting by Daren Butler Editing by Dominic Evans

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