Qatar firm to get bigger slice of Turkish Boyner Retail

After buying 12 pct in additional shares, Mayhoola’s total stake in Boyner Retail to rise from 30.7 pct to 42.7 pct

ANKARA (AA) - A Qatar-based investment firm will expand its shares in Turkish retailer Boyner to over 40 percent, Boyner Group announced Friday.

Qatari investment firm Mayhoola For Investments will pay 173.1 million Turkish liras ($46.2 million) to purchase an additional 12 percent stake, said a statement by the Turkish firm.

The new acquisition will push up Mayhoola’s total shares in Boyner Retail from 30.7 percent to 42.7 percent.

In 2015 Mayhoola bought a 30.7 percent stake in Boyner Retail and Textile Investments for 885 million liras ($332 million).

Boyner is one of Turkey’s largest non-food and non-electronic retailers, with nearly 400 retail stores across the country.

The acquisition will also see Mayhoola’s seats on the nine-member board of directors rise from one to three, although Boyner’s management is not expected to change.

Boyner Retail’s new board will have Mayhoola and Boyner Group represented with three seats each, along with three independent members.

Kaynak:

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