1.8.2022 08:41, BAACEZ
EZ to leave the Turkish distribution and sales business. Just after the market closed, the company announced that it had signed an agreement for the sale of its 50% stake in AKCEZ, which is owned by a Vrmci joint venture with the Turkish company AKKK. AKCEZ includes subsidiaries of companies engaged in the distribution of electronics, energy sales and energy services. The sale price was not disclosed. The transaction must be approved by the Turkish Antimonopoly Authority and the Energy Regulator. The conclusion of the transaction is thus subject to the agreement of bank financing. According to the buyer, 50% is the Turkish investor Torunlar Group. Meanwhile, the Turkish manufacturing segment (production of RES electronics and gas sources) will be created by EZ, also in the form of a joint venture.
On the wall, leaving Turkey is suddenly positive. EZ has been trying to get her out of Turkey for several years. From the point of view of the total size of the EZ, this investment had a marginal character. Due to currency terms, it was not even consolidated into the EBITDA operating profit. The economy of Turkish companies was reported only in terms of financial results and had a minimal impact on the overall results of the EZ, or often there was also zt. According to our view, Turkey’s investment over time did not have any significant effect on its economy for the EZ, depending on the economic and political risks.
Jan Raka, analyst, Fio banka, as
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