Market cheers Metair’s Turkish divestment
17 September 2024 - 07:46
UPDATED 17 September 2024 - 19:55
Metair’s share price rose to its highest level since January after it said it was selling its stake in a company that formed part of its Turkish division, Mutlu, for $110m (R1.95bn).
The deal, announced on Tuesday, is set to derisk and minimise Metair’s exposure to the challenging operating conditions and hyperinflationary atmosphere in Turkey, where the lira’s depreciation and high interest and inflation rates affect the company’s results, which are reported in rand. ..
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