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China's largest listed bank, the Industrial and Commercial Bank of China (ICBC) agreed to pay 669 million Turkish Liras ($314.73 million) for GSD Holding's 75.5% shares in Turkish lender Tekstilbank.

Trading shares of Tekstilbank and GSD Holding were suspended temporarily.

Borsa Istanbul said the shares were halted upon the two companies' requests.

GSD controlled 75.5% of the Turkish lender, the remaining 24.6% was traded at the stock exchange.

The Beijing-based lender could also bid for the remainder of the company.

Tekstilbank shares closed the morning session with a 0.68% drop at 1.46 liras ahead of the sale's announcement, while GSD Holding shares were traded at 1.12 liras with a 0.88% plunge.

The bank's market value is calculated at 617.4 million liras.

GSD Holding said the contract will be valid after receiving the required permission from the appropriate Chinese and Turkish authorities.

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Publication:Mena Report
Geographic Code:9CHIN
Date:May 1, 2014
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