The partnership of Doğan Enerji, an affiliate of Doğan Holding, with Aytemiz Akaryakıt took place with the share transfer following the approvals of the Energy Market Regulatory Authority, and the Competition Board. With the share transfer completed on March 11, 2015, Doğan Enerji acquired 50 per cent shares of Aytemiz Akaryakıt, in return for 152 million TL.
The 200 million TL paid capital of Aytemiz Akaryakıt Dağıtım A.Ş. will be increased to 454 million TL, all to be paid in cash, following the share transfer. In the increased capital portion of 254 million TL, Doğan Enerji will exercise, in cash, and in a single payment, all of its new share acquisition rights of 127 million TL corresponding to its part of participation. Likewise, the other partners will also contribute to the capital increase, in cash, and in a single payment, in the rates corresponding to their shares.
Emphasizing the fact that the partnership with Aytemiz Akaryakıt is an important indicator of the Doğan Group for its determination to grow in the energy business, Doğan Holding Chief Executive Officer Yahya Üzdiyen said:
“We are acting with the strategy to create an energy portfolio, with a diversity of resources, in line with the growth dynamics of Turkey. We believe that Aytemiz, one of the well-established and reputable players of the fuel oil sector, with an entirely domestic capital, is the business partner most suited for this strategy. Doğan Enerji, the capital of which is fully owned by Doğan Holding, successfully completed its partnership negotiations with Aytemiz Akaryakıt, and acquired half of the company. The acquisition of 50 per cent of Aytemiz shares demonstrates Doğan Group’s determination for presence in the energy business in general, and in fuel oil distribution business specifically. We believe that we will attain a great synergy through the combination of our know-how in the energy and distribution fields as well as our financial strength, with the experience, capability, infrastructure, and sound logistics and distribution network of the Aytemiz Family in the fuel oil industry. This synergy will bring added value for our shareholders, clients, and all our stakeholders in the industry. From this point forward, our objective is to enter the top five in the short term in the fuel oil business.”
Stating that the partnership with Doğan Enerji, the affiliate of Doğan Holding, is a very significant step in terms of growing in the fuel oil distribution business, Aytemiz Akaryakıt Dağıtım A.Ş. Chairman İsmail Aytemiz said:
“The Doğan Group has attained a leading position in every business it has entered. And it is one of the biggest players of this field with its investments in the energy business. We, on the other hand, have an experience of half a century in the fuel oil main distribution business. With this partnership that we have built with the Doğan Group we will reach a stronger position, and walk towards the future together with confident steps. There is a very tough competition in the fuel oil sector, which is of critical importance for our country. Combining our forces with the Dogan Group will bring about a more efficient, faster, and more profitable growth opportunity for our company. We have come together with the Dogan Group with these thoughts in mind. We are very happy about this partnership, and I wish that this partnership will be beneficial and fruitful for our country, for the fuel oil industry, for our dealers, consumers, and for both partners.”
The partnership negotiations between Doğan Enerji and Aytemiz Akaryakıt began in December 2014. After the share transfer agreement signed in January 2015, the share transfer transaction was successfully completed on March 11, 2015, as per the approvals issued by the Competition Board and the EMRA.
About Aytemiz Akaryakıt Dağıtım
Founded by İsmail Aytemiz in 1963, Aytemiz Akaryakıt Dağıtım A.Ş., is delivering high quality and reliable services for the Turkish consumers in every field of the fuel oil business for over 50 years. Having obtained its distribution license in 1994, the company has increased its effectiveness in the fuel oil business with dealerships across Turkey. With the reduction of the terms of dealership contracts by the Competition Board in 2010, Aytemiz Akaryakıt Dağıtım A.Ş. made a very significant leap forward among the distribution companies, and increased its market share with new dealerships. Currently, Aytemiz Akaryakıt Dağıtım A.Ş. continues its distribution activities with 11 completion points and 4 fuel oil distribution warehouses across Turkey. The company has completed the year 2014 with a turnover of 2.3 billion TL.