Petkim holding intends to increase authorized capital

By: Aynur Karimova

Turkish Petkim Petrochemical Holding is keen on increasing its authorized capital by 50 percent – to 1.5 billion Turkish liras.

The holding reported that the decision to raise the authorized capital was made at the meeting of the Board of Directors of Petkim in August 2015.

“The capital will be increased through an additional issue of shares worth 500 million Turkish liras,” the company said. “The company has already started to prepare the relevant procedures.”

Petkim Petrochemical Complex, which includes 15 major factories and seven auxiliary units, manufactures plastic packages, fabrics, PVC, and detergents, and is the only Turkish producer of such products.

A quarter of Petkim’s products are exported to foreign markets.

Azerbaijan’s state energy company SOCAR has 61.32-percent share in this holding.