Esas Holding received CMB approval for its application to convert its 10% stake in Pegasus into tradable shares on the stock exchange. In a possible sale, the holding’s stake in the company could fall below 50%.
Critical Approval from the CMB
Esas Holding, owned by Ali Sabancı, applied to the Capital Markets Board to convert 10% of its shares in Pegasus Hava Taşımacılığı AŞ into a form tradable on the stock exchange.
The Board approved the share sale information form prepared to convert shares with a nominal value of TRY 50 million, corresponding to 10% of Pegasus’ capital, into tradable status on the stock exchange.
Share Ratio May Fall Below 50%
Esas Holding’s current stake in Pegasus Airlines stands at approximately 52%. If the mentioned 10% portion is sold, the holding’s stake in the company will fall below 50%.
This threshold is critically important in terms of company control. However, converting the shares into tradable status does not necessarily mean an immediate sale. Esas Holding is expected to determine an appropriate timetable by considering market conditions.
Collateral Plan for Loan Financing
In the company’s statement, it was noted that the application was prepared within the scope of the CMB’s Communiqué on Shares numbered VII-128.1.
It was also stated that these shares are planned to be used as collateral for three-year term loan financing to be obtained by Esas Holding or its subsidiaries.
