Sok Marketler

Location:

Turkey

Project number:

50041

Business sector:

Agribusiness

Notice type:

Private

Environmental category:

B

Approval date:

26 Apr 2018

Status:

Disbursing

PSD disclosed:

01 Aug 2018

Translated version of this PSD: Turkish

Project Description

Participation in the initial public offering (IPO) on Borsa Istanbul of Sok Marketler Ticaret A.i, one of the leading and fastest growing discount retail chains operating in Turkey. The IPO entails a primary offering which will be used to boost the company's capital structure and support its fast growth while strengthening competitive position.

Project Objectives

The project will support the development of local capital markets and will also strengthen the company's balance sheet.

Transition Impact

The transition impact of the investment stems from its contribution to the "resilient" quality of the open market economy. The company's IPO is one of the largest listings on Borsa Istanbul in recent years and the Bank's participation in the listing will further support the development and recovery of local capital markets while providing a strong demonstration effect to other players considering public offerings. The project also contributes to the "competitive" quality as the Bank's investment will strengthen the company's balance sheet, will support its growth and substantially improve operational performance and profitability.

Client Information

SOK MARKETLER TICARET AS
Sok is the third largest and the fastest growing discount retail chain in Turkey with 5,100 stores in 80 cities.

Environmental and Social Summary

Categorised B (ESP 2014). Environmental and social due diligence on this project was undertaken by the EBRD's Environment and Sustainability Department (ESD) and included a review of documents and a conference call with iok staff. Due to the nature of capital markets transactions, due diligence on the target entity was limited to publicly available information or, to information that was non-public but was not of a material nature. The due diligence by ESD covered iok's environmental and social management and policies. It did not include a detailed assessment of their operations and facilities.

Sok confirmed they are in compliance with national environmental and social requirements. Sok will be required to comply with the EBRD's Environmental and Social Policy Performance Requirements 1-8 and 10. In addition an environmental and social action plan (ESAP) has been developed for the project and has been agreed with the company. The ESAP covers the implementation of formal environmental and social management systems, development of driver safety training, achieving compliance with the EBRD's performance requirements within 18 months and upgrading their supply chain management to encompass environmental and social issues.

Annual reporting will include provision of the EBRD's environmental and social report and an ESAP implementation update.

Technical Cooperation

None.

Company Contact Information

Ziya Kayacan
ziya.kayacan@sokmarket.com.tr
https://www.sokmarket.com.tr/

Can Akan, can.akan@sokmarket.com.tr

 

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Share this page: