Family members belonging to one of Turkey's most powerful business families have applied to sell untraded shares it has been revealed.
The Sabanci family owns the $15 billion diversified conglomerate Sabanci Holding, which among other assets controls one of Turkey's largest banks Akbank.
However, a local stock exchange filing revealed that members of the family have applied to sell untraded shares in Sabanci Holding - believed to total 61% of the company's existing free float.
The shares can be sold over a 10-20-year period but could be sold immediately. Shares in Akbank fell sharply on the news, compounding other falls related to the credit crunch.
A statement on Sabanci Holding's website revealed that the sellers were non-controlling shareholders' whose decision to sell is at their own discretion. "Such decisions have short-term effects on share price," it said.
Family members who have the controlling power "are represented in the Sabanci Holding board of directors and are acting jointly for long-term value creation," the statement continued.
Sabanci Holding is led by chairman and managing director Guler Sabanci (pictured).