
Originally Posted by
kubilayn
ISTANBUL, April 8 (Reuters) - Turkey's Ulusoy Un, which has ramped up flour production in the face of the coronavirus outbreak, has mandated consulting firm Pragma to explore strategic partnerships including a possible stake sale, two sources close to the matter told Reuters.
One of the sources said the company "might be valued at more than $100 million," adding any stake sale would depend on the offer received.
Ulusoy Un ULUUN.IS and Pragma declined to comment.
The Ulusoy family owns some 75.7% of Ulusoy Un, which started processing wheat almost three decades ago. The other shares are traded on the Istanbul stock exchange, where they initially plunged along with global markets early last month.
But in recent weeks the stock jumped about 66% as more people have remained in homes to stem the spread of the virus, raising the demand for flour. The company's market cap is about 372 million lira ($55 million).
Ulusoy Un recently said it is producing at full capacity and taking all necessary measures to ensure hygiene rules and standards. The source said that, before the coronavirus outbreak in Turkey, it was producing at about 60% capacity.
($1 = 6.7775 liras)
(Writing by Ezgi Erkoyun; Editing by Jonathan Spicer).YTD BAKALIM KAPA DÜŞEN HABER FAKE Mİ.YARIN BELLİ OLUR
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