Erdogan Finds Petkim Offer to Be Inadequate

Erdogan was responding to journalists’ questions yesterday following an international conference titled, "The Decreasing of Poverty via Micro-loans." When asked what he thought of the allegation that the winning bid for Petkim was far below the company’s market value, Erdogan said: "An evaluation of this has not yet been made, but it will be. Your assessment is correct; the bid is too low. A decision will be made after evaluating it in this light."

20 percent loss in Petkim shares

Petkim shares dropped sharply in the first day of trading following the awarding of the privatization bid. The low winning bid put pressure on the company’s shares, which lost 10.76 percent of their value in the first session and 10.64 in the second session, closing at minimum prices. A one-day loss of 20.25 percent was sustained by Petkim shares, which dropped to TL 6,300 after slipping TL 1,600 as compared to the closing price on Friday, making it Monday’s biggest loser on the Istanbul Stock Exchange (IMKB). Shares of Sanko Marketing, an affiliate of Sanko Kimya, which withdrew from the Petkim bidding by failing to increase its offer, lost 15.65 percent of their value, earning it the number-two spot in losing stocks on the exchange yesterday.