September 1, 2026
Koç Holding and Temel Ticaret ve Yatırım A.Ş., one of the largest shareholders within the Koç Group, have decided to sell a combined stake in Türkiye Petrol Rafinerileri A.Ş. (Tüpraş) to Merrill Lynch International. The transaction is valued at approximately TL 6.16 billion ($180 million).
Approximately 16 million shares to be sold
According to a disclosure submitted by Koç Holding to Turkey’s Public Disclosure Platform (KAP), Koç Holding will sell 11 million Class A shares in Tüpraş, while Temel Ticaret ve Yatırım will sell approximately 5.02 million Class A shares.
The total of approximately 16 million shares represents around 0.83% of Tüpraş’s issued share capital. The sale price has been set at TL 384.50 per TL 1 nominal-value share.
Transaction to be conducted as a block trade
Bank of America Yatırım Bank A.Ş. is expected to apply to Borsa Istanbul (BIST) on September 2, 2026, for the transaction to be carried out as a wholesale/block trade.
The shares involved in the transaction are currently not traded on BIST. Their conversion to tradable status is expected to be completed on the transaction date.
Subject to BIST approval, the wholesale transaction is expected to be completed on September 3, with settlement scheduled for September 7, 2026.
Koç Holding to receive TL 4.23 billion
Upon completion of the sale, Koç Holding is expected to receive approximately TL 4.23 billion in cash, while Temel Ticaret ve Yatırım is expected to receive approximately TL 1.93 billion.
Following the transaction, Koç Holding’s direct ownership in Tüpraş will decline to approximately 3.7%.
The combined stake held by Koç Holding and its subsidiary Enerji Yatırımları A.Ş. in Tüpraş will stand at approximately 50.1%, while Tüpraş’s free-float ratio will rise to 49.7%.
The transaction was disclosed by Koç Holding through KAP as part of its share sale announcement.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök