Boyner Holding's textile-production wing, Altinyildiz Mensucat, is all set to acquire a controlling stake in two retail wings of Boyner namely, Beymen Magazacilik and Boyner Büyük Magazacilik
As noted in a company statement, pursuant to the acquisition, Altinyildiz Mensucat would become Turkey's biggest non-food retail group.
In a report submitted to Istanbul Stock Exchange (IMKB), the company said Altinyildiz proposes to buy 49.99 percent stakes in Beymen Magazacilik and 21.83 percent stakes in Boyner Büyük Magazacilik from Boyner.
The acquisition would earn Altinyildiz a controlling stake in both the retail firms.
Altinyildiz is already in possession of 100 percent stakes of Ay Marka, a subsidiary operating 206 outlets under eight diverse labels.
By bringing these three firms - Beymen Magazacilik, Ay Marka and Boyner Büyük Magazacilik – together, Altinyildiz is seen to establish itself as Turkey's leading non-food retail group.
Fibre2fashion News Desk - India