SASA bought 1 million lots of shares to protect its investors

SASA

SASA’s market value dropped by $15 billion in 11 months, and the company’s owner purchased 1 million lots of shares.

Despite SASA Polyester reaching a record high for the stock market last November, with a market value of 430 billion lira (equivalent to $18.6 billion), it caused losses for its investors. While the company’s market value increased to 436 billion lira on November 17, 2022, it has since fallen to 232 billion lira as of October 17, 2023. SASA’s market value dropped by 46.7% in Turkish lira terms, with the most significant loss seen in dollar terms.

Following this decline in value, SASA’s major shareholder, Erdemoğlu Holding, purchased 1 million lots of shares at a range of 42.30 to 43.80 Turkish lira. This acquisition increased Erdemoğlu’s stake to 58.62%.

In connection with this, Erdemoğlu Holding issued the following statement to the stock exchange:

“On 01/11/2023 – 01/11/2023, 1,000,000 Turkish lira worth of nominal value purchase transactions and/or 0 Turkish lira worth of nominal value sale transactions have been made by me/our partnership for SASA POLYESTER SANAYİ A.Ş. shares within the price range of 42.30 – 43.80 Turkish lira. As a result of this transaction, my/our shares/voting rights in SASA POLYESTER SANAYİ A.Ş.’s capital have reached/exceeded/fallen below the limit of 58.62% as of 01/11/2023. The details of the transaction are provided in the table below.”

Source paramedya

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