5/4/2010

Aksa Energy to channel IPO earnings to new investments

 

Aksam - Aksa Energy is the first Turkish energy company to go public in the year 2010. The market value of Aksa Energy is estimated at TRY 3.1 - 4.6 billion in its initial public offering (IPO), and the company will use the returns from the public offering to boost its investments. Public offering of the company will take place on May 13-14. Aksa is aiming to increase its installed capacity to 4,200 MW from its current level of 1,500 MW by investing around USD 3 billion over four years, hoping to grab a ten percent share in the liberalized power generation market.

 

The company priced its IPO at TRY 4.90-7.20 per share. Aksa Energy’s Board Chairman Cemil Kazanci said, “We have invested USD 800 million in the energy sector in the last three years. We are planning to invest USD 3 billion more over the next five years.” Kazanci also said the company is holding talks with a US company for a partnership in methane production and will hasten the negotiations after the IPO.

Aksa; energy company; energy sector; energy investment; public offering; IPO; Cemil Kazanci; methane production

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