Abu Dhabi’s Aabar to buy share of Turkish poultry producer

05 Jul 2011

(MENAFN) Banvit Bandirma Vitaminli Yem Sanayii, Turkey’s largest poultry producer, announced that Aabar Investments, a subsidiary of the International Petroleum Investment Company, signed a preliminary agreement yesterday to buy a stake in the Istabul-listed company, reported The National.

Abu Dhabi-based Aabar Investments, which also holds shares in Glencore, Daimler, and Virgin Galactic, would buy 16.3 million shares from a Banvit shareholder, Valid Faruk Ebubekirwas, at a price of USD2.96 a share.

After the announcement, Banvit’s shares rose 4.3 percent to 4.59 lira in Istanbul.

The outlook for Banvit, and other local operators, is also improved by the Turkish government’s recent tax hike on imported meat from 60 percent to 75 percent.

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