Shares in Turkish airlines, Turk Hava Yollari (THY), have fallen to a 10 1/2-week low after the Turkish Privatization Administration (ÖİB) stated yesterday that it was seeking an adviser on potential sale of the government’s 49.1% stake.
The shares fell as much as 26 kurus, or 4.8%, to 5.14 liras. This is the lowest intraday price since September 23.
THY held an IPO in 1990 and the government further reduced its holding in the airline with share sales in 2004 and 2006. Analysts expect the next offering to be held with discount of 5%, hence the drop in the share price.Date: December 7, 2010