The Board of Directors of Global Investment Holdings (“GIH”) resolved on February 5th 2021 to approve the Initial Public Offering of Naturelgaz Sanayi ve Ticaret A.Ş. (“Naturelgaz”), a 95.5% subsidiary of GIH. Naturelgaz is Turkey’s leading non-pipeline natural gas distribution company with an estimated 25% market share in CNG (Compressed Natural Gas) and LNG (Liquefied Natural Gas) with a total sales volume of 173.4 million cubic meters in 2020. The Company’s 13 mother-stations and 9 auto-CNG stations, coupled with a state-of-the art equipment and vehicle fleet, constitute the widest network in Turkey. The Company, while improving its leadership position in Turkey, also envisages expanding its operations to Sub-Saharan countries where lack of pipeline infrastructure is an opportunity to transport natural gas to power and industrial plants.

The planned offering will comprise from issuance of new ordinary shares and sale of existing shares. The Company will issue 14,981,406 new shares, increasing the total number of shares issued from 100,018,594 to 115,000,000. In addition, GPH plans to sell 16,146,097 existing shares and shall also make additional 3,136,363 shares available pursuant to an over-allotment option. Subject to regulatory approvals, the shares will trade on Borsa Istanbul. GIH will remain the largest individual shareholder in Naturelgaz following the Offering; while the free-float is expected to be c.30% upon the completion of the offering including the over-allotment option.

Pursuant to CMB’s Communiqué on Shares (VII-128.1), the application for the approval of the draft Domestic Prospectus prepared for the initial public offering of Naturelgaz shares has been submitted to the Capital Markets Board of Turkey on February 5th 2021.

Completion of the Offering is conditional upon (i) receipt of customary regulatory approvals of the Capital Markets Board of Turkey and Borsa Istanbul and (ii) finalizing the book-building process.

A further announcement will be made when additional developments require further information disclosure.

SHARE: