September 26, 2018 / 12:01 PM / 2 months ago

Nasdaq no longer has stake in Borsa Istanbul: stock exchange website

Trading floor of the Borsa Istanbul is pictured in Istanbul, Turkey October 13, 2017. REUTERS/Murad Sezer

ISTANBUL (Reuters) - Nasdaq no longer has a stake in Borsa Istanbul, according to partnership structure data on the Turkish stock exchange’s website on Wednesday, having previously held a 7 percent stake.

Nasdaq, which bought 5 percent in the Turkish stock exchange in 2013 and subsequently raised its stake to 7 percent, had an option to sell the stake which might have been exercised, two sources who are familiar with the matter said.

Turkey’s sovereign wealth fund (TVF) B class share holding in the stock exchange currently stands at 80.59 percent, data on the website showed, compared with a previous 73.59 percent.

The TVF, with assets worth $50 billion, was set up by Turkey’s government to develop and increase the value of Turkey’s strategic assets and provide resources for investment.

The government has transferred to the fund stakes worth billions of dollars in state assets, including flag carrier Turkish Airlines (THYAO.IS), major banks and fixed-line operator Turk Telekom (TTKOM.IS).

Nasdaq officials were not immediately available for comment. Borsa Istanbul did not immediately respond to a request for comment.

Reporting by Can Sezer and Birsen Altayli; Writing by Ezgi Erkoyun; Editing by Daren Butler and Edmund Blair

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