Turkish confectioner Ulker Biskuvi announced on April 13 that it has secured a three-year syndicated loan in two tranches of $136mn and €225mn.
“Some portion of the loan facility will be utilised to refinance the loan to mature in 2017 and the remaining amount will be used to finance Ulker's operations and regional investments,” the company noted in a filing with the Istanbul Stock Exchange.
In February, Ulker said it had initiated “talks with United Biscuits with regards to the acquisition of a 100% owned IBC facility and its sales and distribution rights for McVities products in the Middle East and North Africa.”
Last month, Ulker agreed to buy Maia International B.V.'s 100% share in Hamle Company, located in Kazakhstan, for $3mn.
Shares in Ulker Biskuvi, which is controlled by one of Turkey’s largest food groups Yildiz Holding, fell sharply on the first trading day of April after an April Fools’ Day ad was perceived to have included references to a military coup.
Shares in Ulker, which is controlled by Yildiz Holding, fell 4.3%, from TRY18.46 on March 31 to TRY17.66 on April 7. They were trading at TRY18.18 as of 10am Istanbul time on April 14.
Ulker Biskuvi produces popular brands including Topkapi chocolate, Silivri and Gebze biscuits and Esenyurt cakes at its factories in Ankara and Istanbul. It also has production facilities in Egypt and Saudi Arabia.
Thirteen of 21 economists surveyed by Reuters said they expected that the Turkish central bank would bring in another rate cut at its monetary policy committee (MPC) meeting on January 16. The ... more
Turkey’s President Recep Tayyip Erdogan said on January 5 that Turkish military units had started moving to Libya. They would support Fayez al-Serraj’s internationally-recognised Government of ... more
Turkish industrial production rose for the second-straight month in October—but the pace of the recorded growth was significantly less than anticipated, weighing on expectations for a fast ... more