Transaction Took Place on Stock from Area of Common Interest of SOCAR and Tekfen
There was a big deal for buying and selling shares of Cenubtikintiservis, which is included in the zone of common interests of Turkish holding Tekfen and Azerbaijani SOCAR.
The deal for 15% of the shares of the JSC concluded in the OTC platform on January 9 and registered by the Depositary on 11 January this year.
Parties to the transaction are not made public. Tekfen International Finance & Investmentsa SA (a subsidiary of Tekfen in Luxembourg) at the beginning of the year with over 66% shares had full control over JSC Cenubtikintiservis. LLC Caspian Ship Construction and Repair was established in December 2009. A Panamanian company Trans Marine United Corp in 2010 acquired 30.7% shares of the above.
According to unconfirmed reports, these companies have some connection with SOCAR. At least, in April 2010 the company SOCAR-CSCR was set up with individual shares. At the same time, SOCAR and Tekfen have partnerships and economic relations. For example, a Turkish company has a stake in the joint venture AzFen and is a contractor for the construction of a new administrative building of SOCAR in Baku. Protracted negotiations are underway to acquire from SOCAR share in the Tekfen Inshaat.
Thus, the question remains open as long as the current fair share of shares in Cenubtikintiservis. Will the proportion of Tekfen reduce to a controlling stake (51%) or will it rise for LLC Caspian Ship Construction and Repair up to 45%? This will be known after some time.
It should be noted that Cenubtikintiservis was established on the basis of trust Xezerdenizneftqazmatikinti, included in the structure of SOCAR. In 2003 it was privatized.
The authorized capital of JSC Cenubtikintiservis is 1,323,694 AZN. It has a large manufacturing site in Baku, which operates a joint venture AzFen. In 2011 JSC Cenubtikintiservis paid shareholders a dividend, exceeding the nominal value of shares. Each share brought AZN 2.5 as dividend to shareholders, which 50 gepik exceeds the face value of the stocks. Note that more than 300 minority shareholders own about 3% of the shares. The real market value of the stock today is about 14 manats.