Kardemir shares on the stock exchange are up in January

Thursday, 30 January 2003 11:52:34 (GMT+3)   |  
       

Kardemir shares on the stock exchange are up in January

Following the elections in Turkey, the new government announced in December 2002 that it wishes that Kardemir overcomes its financial troubles and becomes a profitable operation again. With the influence of such declaration, the company's shares on the stock exchange have performed a sharp increase of 42%. Despite its existing outstanding debt, as long as the rising trend of these shares on the stock exchange, the company belives that it might go for a capital increase and obtain a stronger stance. Kardemir was privatised in 1994 however due to its outstanding debts, it was almost going bankrupt. The company announced TL 91.9 trillion (approx $55.8 million) loss for the first nine months of 2002. The company needs to take immediate steps for debt restructuring and thereafter increase efficiency in production to overcome these financial problems. Back in July, the previous cabinet outlined a debt restructuring plan for Kardemir, however it appears that no improvement in application of the plan has been initialized yet. The new government states that the situation of Kardemir is followed up closely for support.

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