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Turkish Builder Buys Supermarket Chain
Migros Turk, part of the Koc Holding announced yesterday that it has sold the Turkish construction company Enka Insaat Sanayi AS a 50-percent share in the Ramstore chain for $542.5 million, after many rumors about various possible buyers. The deal stil has to be approved by Russian supervisory bodies. Enka is now the owner of 100 percent of Ramstore, which has lagged behind its competitors in development in recent years, with turnover increasing by 20-25 percent annually, compared to the 50-80 percent seen by such chains as Pyaterochka and Magnit.
OOO Ramenka, the operator of the Ramstore chain in Russia, was founded in 1997. It owns 10 shopping centers and about 55 supermarkets in Moscow, Moscow Region and other regions. Ramenka's proceeds in 2006 were $626 million. The Turkish Enka holding was established in 1957. It has been active in Moscow since the 1990s and owns about 135,000 sq. m. of office space in the Russian capital. Enka's primary interest in Ramstore is its real estate and it may resell the retail trade. Ramenka asa whole has been estimated to be worth $1-1.2 billion, and its retail trade $600 million.
Ramstore closed about ten of its stores in Moscow this year and has been repeated late in paying its suppliers. Deputy general director of Ramstore Murat Durdan told Kommersant yesterday that all store executives would be retained in their current positions.
Migros may sell off the remainder of its retail businesses in six to nine months. It owns about 560 stores in Azerbaijan, Kazakhstan, Bulgaria, Macedonia and other countries.
www.kommersant.com
All the Article in Russian as of Sep. 12, 2007
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