Turkey’s Ustungida, a unit of top food group Ulker, is considering an IPO of its chocolate business this year or in 2008, investor relations director Semih Atalay confirmed to just-food yesterday (8 January).
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Ustungida controls 60% of Turkey’s chocolate market, manufacturing a range of chocolate products including chocolate bars and chocolate cake coatings under the Ulker brand and selling bulk chocolate to third parties.
“We are considering taking the chocolate business public but nothing’s set in stone yet,” Atalay said, adding that the unit needs to undergo restructuring before it can be listed in Istanbul.
“This is a very strong and prosperous business and we feel that investors will be interested in it,” Atalay said.
Ustungida, which also makes biscuits, waffles and crackers, is traded on the Istanbul Stock Exchange with a US$700m market capitalisation. It accounts for 25% of the revenues of Ulker Group, which also makes a top-selling line of soft drinks.
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By GlobalDataIstanbul-based Ulker Group, also publicly traded, has been growing strongly in Turkey and abroad. The company recently established footholds in Russia, Egypt and Iran.
