Acquisition Talks Begin for Katılımevim and Birevim
Following developments at Pusula Finans Holding and its affiliated companies, Emlak Katılım has stepped in for Katılımevim and Birevim, whose depositors had been wondering about their status.
Following the legal proceedings at Pusula Finans Holding and its subsidiaries, as the fate of the savings of depositors who invested money in Katılımevim and Birevim was being debated, official negotiations have been initiated by Emlak Katılım Tasarruf Finansman A.Ş. to acquire these two companies.
Holding and Executives Process
While acquisition talks regarding Tera Group, which wanted to incorporate Pusula Finans Holding into its structure, were ongoing, investigations and arrest warrants concerning the holding came to the agenda. After it was determined that Muhammed Yarız, Chairman of the Board of Pusula Portföy, had fled abroad, it was reported that he went to the Bodrum Chief Public Prosecutor's Office and was arrested.
While travel bans were issued against Katılımevim Chairman of the Board Serdar Turhan and Destek Yatırım owner Altunç Kumova, a similar measure was also applied to Tera Group Chairman Emre Tezmen.
Decline in Shares and Markets
Following these developments, Katılımevim's shares on Borsa Istanbul experienced a sharp decline, losing more than 50 percent of their value. Tera Yatırım announced that they are not responsible for this process on the stock exchange and that Tera's stance would not serve as a guarantee for them. While the Financial Stability Committee announced that measures would be put into effect swiftly, the CMB (SPK) applied a minimum equity ratio of 20 percent for leveraged transactions and decided to liquidate 130 investment funds belonging to seven portfolio companies.
Status of Depositors
Citizens who deposited their savings in Katılımevim and Birevim to become homeowners and car owners are wondering about the status of their investments. Experts and economists emphasize that savings finance companies have a structure separate from movements on the stock exchange and operate under the supervision of the CMB (SPK) and BRSA (BDDK).
Emlak Katılım's Move
Public bank Emlak Katılım announced to the Public Disclosure Platform (KAP) that negotiations have been initiated to acquire Katılımevim and Birevim through its subsidiary Emlak Katılım Tasarruf Finansman A.Ş.