27 September 2004 11:33 [Source: ICIS news]
MONTE CARLO, Monaco (CNI)--Petkim is seeking to maximise its customers' participation in next year's planned privatisation, officials from the Turkish state-owned petrochemicals group said here Monday.
A 47% stake in Petkim will be sold in a planned public offering scheduled to take place in about six months, Gokhan Beduk, Petkim's export manager told CNI on the sidelines of the European Petrochemical Association (EPCA) annual meeting*. Coupled with the 4% already in private hands, the public offering is designed to give private investors control of the group following two failed attempts by the government to sell a majority stake via private tender.
Beduk said Petkim was evaluating ways of making the planned public offering especially attractive to the company's approximately 4000 customers. Petkim is also keen to help ensure that its employees have an opportunity to buy a stake in their company on advantaged terms.
Petkim has been keen for years to secure substantial private investment in the company as a means of securing the investment it needs to carry out much needed modernisation and expansion. Beduk also said that private control of Petkim was needed to give the company the flexibility required to compete more effectively and react more quickly to the demands of its customers.
*The 38th annual EPCA conference runs through Tuesday (29th September).
CNI's EPCA newsroom: Suite Naiades C, Grand Hotel; Tel: + 377-9315-1070/71
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|