ARY Holding has signed a share transfer agreement to sell its direct and indirect stake in Turkish construction and engineering firm Tekfen Holding BIST:TKFEN to Libco Insaat, the company said on Friday.
The transaction covers ARY's direct 23.4% stake in Tekfen as well as its full ownership of Vera Ticari Danismanlik, which holds an additional 8.68% stake, bringing the total to 32.08%.
Upon completion, Libco will control the entire combined stake through direct and indirect ownership, ARY said.
The company added that the deal will not result in a change of control at Tekfen under capital markets regulations.
Closing remains subject to customary procedures, with further disclosure to follow once completed.