4th Sep 2014 14:42
LONDON (Alliance News) - Aviva PLC said Thursday that it is considering a potential initial public offering in Turkey of a minority stake of up to 20% in its Turkish life and pensions joint venture with Haci Ömer Sabanci Holding AS.
The potential IPO is part of the company's strategy for the Turkish business, the FTSE 100 insurer said. The Turkish joint venture, called AvivaSA, has submitted a Turkish language prospectus to the Turkish Capital Markets Board for review.
Aviva SA had a net asset value of GBP96.4 million as at June 30. Aviva has a 49.8% stake in the business.
The proposed offering is subject to conditions, including approval from shareholders and the Turkish Capital Markets Board.
Shares in Aviva were trading up 0.7% at 532.52 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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