Bloomberg News

Akenerji Surges the Most in a Year on Stake Sale in Akcez Unit

June 29, 2012

Akenerji Elektrik Uretim AS (AKENR), a Turkish utility, surged the most in almost a year after saying it would sell 45 percent of a special purpose vehicle to its partners.

The shares jumped 9.8 percent to 2.12 liras, the biggest rise on a closing basis since August 2011, paring its second- quarter decline to 1.9 percent. The SPV is Akcez Enerji Yatirimlari Sanayi & Ticaret AS, which was set up to buy the Sedas electricity distribution grid in northwestern Turkey.

Akenerji, owned by CEZ AS (CEZ) and the Akkok Group, will sell a 22.5 percent stake to CEZ and another 22.5 percent to Akkok Sanayi Yatirim & Gelistirme AS at a price to be determined after a report on the unit’s valuation, the company said in a statement to the Istanbul Stock Exchange after the market closed yesterday.

The transaction lowers Akenerji’s indebtedness and paves the way for other electricity generation investments, according to an e-mailed report from Istanbul-based brokerage Oyak Securities.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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