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Istanbul Pushes Ahead With IPO Plan for $10 Billion Gas Grid [Financial Post (Toronto, Ontario, Canada)]

Bank of America Corporation (BAC) 
Last bank of america corporation earnings: 4/15 06:45 am Check Earnings Report
US:NYSE Investor Relations: investor.bankofamerica.com
Company Research Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Istanbul authorities are reviving a plan to privatize the city's gas grid in what could be one of Turkey's biggest ever initial public offerings. An IPO of the Igdas gas grid is moving forward, according to Neslihan Vural, head of financial services at the Istanbul Metropolitan Municipality. She estimated the company could be valued as high as $10 billion once increased gas tariffs are approved. The government aims to gradually reduce its stake to less than 20% from more than 90% now, she added. Article content Article content “I am pro-privatization,” Vural said. “The municipality should eventually return to pure municipal works.” Igdas has long been the crown jewel of Istanbul's privatization list, though an attempt at an initial public offering in the early 2010s failed. Now that Turkey's opposition party has a majority on the Istanbul coun Show less Read more
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