Wednesday, July 23, 2008

Koc Group sells 89.7% stake in tyre distributor Oltas to Continental AG.

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Koc Group sells 89.7% stake in tyre distributor Oltas to Continental AG. Koc Holding and other Koc Group shareholders agreed to sell their entire 89.66% stake in local tyre distributor Oltas Otomotiv Lastikleri Tevzii AS to one of the world’s largest automotive suppliers Continental AG. In the statement issued to the Istanbul Stock Exchange, Koc Holding informed that the holding company and other group shareholders sold their stakes for EUR 5.2mn. Approval from the Turkish antitrust authorities is required for the share transfer. Oltas is Continental’s exclusive distributor for the tyre brands Continental, Uniroyal and Barum. According to Continental, Oltas reached sales of EUR 39mn in 2007 and has franchise dealer network with more than 200 shops.

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Koc Group sells 89.7% stake in tyre distributor Oltas to Continental AG.

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