(Bloomberg) -- Banks overseeing Turkey’s fund liquidations sold about $254 million of blue-chip shares held by frozen funds off-market, in a move that could help remove an overhang on the country’s stock indexes.
TC Ziraat Bankasi AS and Turkiye Is Bankasi AS, which were tasked with overseeing the liquidation, completed the sale on Nov. 3 through an off-exchange placement to investment and pension funds, a notice seen by Bloomberg showed.
The sale may ease pressure on Turkey’s main stock indexes by removing a major source of uncertainty. Investors have been waiting to see how shares held by funds being wound down would be sold and whether large disposals could hit the market.
The transactions were valued at 12.7 billion liras ($254 million), according to the notice sent by Turkey’s Capital Markets Association to asset managers. The association didn’t immediately comment when contacted by Bloomberg.
Settlement will take place on Wednesday through a conditional transfer mechanism, according to the notice.