JP Morgan: Target price of Petkim shares increased by 12.5%

Baku. 9 August. REPORT.AZ/ JP Morgan bank has increased target price of the shares of Petkim (Petrokimya) Holding A.Ş., which essential shares belong to the State Oil Company of Azerbaijan Republic (SOCAR).

Report informs citing the Turkish media.

JP Morgan increased target price of Petkim shares from 4 TRY to 4,50 TRY (+12,5%).

Notably, 51% of Petkim Holding shares has been acquired by SOCAR&Turcas Enerji A.Ş. alliance for 2.04 bln USD at May 30, 2008 auction. In March 30, 2012, SOCAR Turkey Enerji A.Ş. and SOCAR International DMCC OGG have privatized other 10.32% shares of Turkish Petkim petrochemical holding. Further, 5% share was acquired at the stock exchange. Added shares (15%) are traded depending on market conditions. SOCAR management has declared that it will never decrease the shares in Petkim Holding less than 51%.