Dogan Holding Completed the Sale of Its 58,2% Stake in Ray Sigorta to TBIH Financial Services Group

Dogan Holding announced that due diligence procedures on sale of its 58.20% stake in Ray Sigorta for USD81.5m to TBIH Financial Services Group has been completed and cash payment has been received. Following the transaction, Dogan Holding’s share in Ray Sigorta declined from 78.2% to 20%. Dogan Holding stated that the sales profit is calculated to be around TRY81.4m (not IFRS based), however the management has not decided on how to use these gains on the balance sheet.

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