Estimated $6 Bln For Petkim Privatization

Star’s economy columnist Mustafa Kutlu advised in an article dated March 29 that 51 per cent of Petkim should not be sold below $3 billion. He also mentioned concerns developing among the public that Petkim would be sold at a cheap price. However, not 51 percent of Petkim but 88.86 percent of its shares were purchased for $605 million by Star owner Kemal Uzan.

Another Star columnist, Taskin Senol, had predicted that Petkim would be sold below its true value. He had written in an article dated April 1, a day before bids were placed, that 51 per cent of Petkim had a value of at least $3 billion. He had also said: "We’ll learn tomorrow. Will Petkim be privatized or will it be plundered? Will it be sold for close to its true value, or will it be made a present of?" Both writers had stated that they would follow the issue closely to prevent Petkim from being sold too cheaply. The public is eagerly waiting to see what the two journalists will write following the successful bid made for Petkim by their bosses.

Cihan News Agency / Istanbul / TURKEY