Turkish Court Cancels Block Sale Of Tupras Shares

ISTANBUL - Turkish court cancelled on Thursday block sale of 65.76 percent of shares of Turkish Oil Refineries Corp. (Tupras).
Ankara Administrative Court cancelled the decision of the tender commission to privatize 65.76 percent of Tupras. The tender commission had decided to sell Tupras shares on January 13, 2004.
Under the rule of the Ankara Administrative Court, Tupras' privatization would be stopped till the Council of State takes a decision.
The Council of State will rule in case the Privatization Administration Board appeals the decision of Ankara Administrative Court.
After the Ankara Administrative Court cancelled the Tupras' privatization, Tupras shares lost value in the first session of the Istanbul Stock Exchange (IMKB).
Tupras shares, which closed Wednesday's second session at 9,150 Turkish liras, fell to 9,000 TL after the administrative court announced its decision.
Thus, Tupras shares lost 1.64 percent value in Thursday's first session when compared with prices at the close of Wednesday's second session.
(BRC-AÖ) 03.06.2004