Disposal of Non-Core Real Estate Portfolio and Stake in Superonline
Yapı Kredi announced, on 30 May 2007, that it would sell some of its non-core real estates to a consortium to be lead by AIM at a minimum of Euro 111.3 million. As the book value of this real estate portfolio was Euro 89 million (as of 31.12. 2006), a sales gain of Euro 22.3 million is expected as a result of this transaction. The Euro 111.3 million sale represents the first tranche of Yapı Kredi’s non-core real-estate portfolio of around Euro 227 million (400 million YTL) that is planned to be sold within the framework of the Bank’s non-core asset disposal plan.
In addition, on 31 May 2007, Yapı Kredi announced that it sold its 36.08% stake and YK Holding BV sold its 60.59% stake in Superonline to Çukurova Group for Euro 7.5 million and Euro 1, respectively as part of the Superonline, Digiturk and Fintur Purchase and Sale agreement signed between Yapı Kredi and Çukurova Holding A.Ş. on 28 September 2005. As part of the same agreement, Superonline’s debt of USD 35.9 million (cash loan) to Yapı Kredi has been written off. The Bank received Euro 7.5 million in cash as a result of the transaction. Since the loan had been already fully provisioned in the previous years, no negative impact on the bottom line earnings are expected. On the other hand, Euro 7.5 million of profit will be booked during the second quarter of 2007 in Yapı Kredi’s BRSA financials since the book value of Superonline stake was zero. As a result of the stake sale, Yapı Kredi has transferred its total direct and indirect stake of 96.67% in Superonline and has no stake left in the Company.
İstanbul, 4 June 2007.
Enquiries:
Yapı Kredi Investor Relations
Tel: (90) (212) 339 7647
Email: yapikredi_investorrelations@yapikredi.com.tr
Yapı Kredi / 04 Jun 2007