Turkey’s Yildiz Holding announced it has raised $431 million from the sale of a 20% stake in its food unit Ulker Biskuvi Sanayi AS to foreign institutional investors. The sale was oversubscribed by three times with bids from over 44 institutional investors equaling $1.3 billion for Ulker which targets to have $2.25 billion in sales in 2016. Yildiz which has manufacturing facilities in Ukraine, Romania, Saudi Arabia, Egypt, Kazakhstan, and Pakistan, and which also owns Godiva Chocolatier will use the proceeds for its private equity unit and the company’s existing investments.
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