Katılımevim and Birevim reported 23,381 customer deliveries worth TL33.05 billion during the regulatory review
By Bosphorus News Economy Desk
Türkiye Emlak Katılım Bankası has received the regulatory approvals required to acquire shares in Katılımevim, Birevim and İktisat Katılım Bankası. The bank disclosed the decisions on November 10, advancing three transactions first announced in September.
The approvals came from the Treasury and Finance Ministry's directorate overseeing state-owned enterprises, the Competition Authority, the Capital Markets Board (SPK) and the Banking Regulation and Supervision Agency (BDDK). The filings do not yet give purchase prices, final stake sizes or closing dates.
During the approval process, Katılımevim and Birevim completed 23,381 customer deliveries worth TL33.05 billion between September 17 and November 8, according to Emlak Katılım's corporate statement. The bank reported that scheduled deliveries continued without interruption.
Katılımevim accounted for 16,499 deliveries worth TL22.49 billion: 2,140 homes, 14,355 vehicles and four workplaces. Birevim completed 6,882 deliveries worth TL10.56 billion: 1,468 homes, 5,373 vehicles and 41 workplaces.
The September Transactions and Tera's Earlier Proposal
Emlak Katılım's subsidiary, Emlak Katılım Tasarruf Finansman, opened talks to acquire Katılımevim and Birevim on September 17. The bank added İktisat Katılım Bankası to the proposed transactions on September 25 and applied for regulatory approvals, including a Competition Authority application by September 30.
The Emlak Katılım negotiations followed a separate move by Tera Group. On September 9, Tera Yatırım disclosed talks for Tera Group companies to buy shares in Pusula Finans Holding and related businesses. A day later, it announced agreement on the principal commercial and financial terms. A later filing confirmed that ownership and management rights had not transferred to Tera.
The two sets of announcements concern distinct proposed transactions. Emlak Katılım's November filing addresses its own regulatory approvals and does not report a closing of the earlier Tera proposal.
İktisat Katılım's Ownership and Tender-Offer Rules
Katılımevim already held 99.9% of İktisat Katılım Bankası, according to its March 4 disclosure. The participation bank received its operating licence under a BDDK decision dated February 26. The ownership link makes the final shareholding structure an important part of the transaction documents.
On October 12, Emlak Katılım disclosed that the SPK had indicated a possible exemption from the mandatory tender-offer requirement if the bank acquired management control of listed Katılımevim.
Pusula- and Tera-linked companies have also featured in a separate capital-markets investigation covered by Bosphorus News.
Sources: Türkiye Emlak Katılım Bankası KAP disclosures and corporate statement, Katılımevim and Tera Yatırım KAP disclosures, Banking Regulation and Supervision Agency, Capital Markets Board, Bosphorus News review and reporting.