ANKARA: The owners of Turkish port operator Global Liman Isletmeleri AS have restarted preparations for an initial public offering after abandoning plans for an Istanbul listing a year ago, people familiar with the matter said. Parent company Global Yatirim Holding AS is working with advisers to prepare for a potential listing in London next year, the people said, asking not to be named as the details aren’t public. New York is another possible venue, the people said. No final decisions have been made, they said.
Global Yatirim had sought to sell a 42 percent stake to the public last May, valuing the entire business at as much as 2.1 billion liras ($715 million), but canceled the sale after the company said it was unhappy with demand. Turkish companies including Torunlar Group’s gas-grid business and retailer Mavi Jeans, are also considering using IPOs to raise funds after the country’s finance ministry cut taxes on listings last year.
“Global Ports had stated the intention for an international listing for 2016-18,” in November, Global Yatirim said in an e-mailed response to questions on the IPO plans. Further announcements will be made when there are “material developments,” the company said. Global Liman is the world’s biggest cruise port operator, according to information on its website. The company has nine ports in six countries including Turkey, Spain, Portugal, Malta, Montenegro and Singapore.
The European Bank for Reconstruction and Development agreed to buy an 11 percent stake in Global Liman last year. Financial details were not disclosed. Shares of Global Yatirim rose 1.3 percent to 1.55 liras in Istanbul Thursday. They have fallen 14 percent in the last year.
