In line with its strategy of balance sheet restructuring and the process of non-core asset disposal, Yapı Kredi purchased indirect stakes from its direct non-financial participations by paying a total of approximately 180 million YTL with an objective to liquidate non-financial overseas companies and funds (without any net cash outflow effect due to intra-group nature of the transactions).
As a result of the process, certain overseas companies and funds directly or indirectly owned by Yapı Kredi (Havenfields Tourism Investments N.V., Azur Tourism Investment N.V, Sun Investment Fund and Anatolia Investment Fund) will be liquidated while certain other subsidiaries (Akdeniz Marmara Turizm ve Ticaret A.Ş., Bayındırlık İşleri A.Ş., Yapı Kredi Kart Hizmetleri A.Ş., Kumköy Turizm A.Ş., Köroğlu Turizm A.Ş. and Yapı Kredi Sigorta Aracılık Hizmetleri A.Ş.) will be merged under Enternasyonel Turizm Yatırım A.Ş.
Following the share transfer, Yapı Kredi’s direct share will increase from 14.80% to 99.99% in Enternasyonel Turizm Yatırım A.Ş, from 67.24% to 74.01% in Yapı Kredi Sigorta A.Ş., from 20.27% to 25.67% in Yapı Kredi Finansal Kiralama A.O. (post-merger) and from 27.26% to 30.45% in Yapı Kredi Koray Gayrimenkul Yatırım Ortaklığı A.Ş.
The net effect of the above mentioned share purchases and the liquidation process on Yapı Kredi’s financial statements is expected to be immaterial.
İstanbul, 29 December 2006.
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 29 Dec 2006