The value of the shares in Turkey's largest Islamic lender -- Bank Asya, which has been under the control of the state-run Savings Deposit Insurance Fund (TMSF) for more than two months -- have jumped 41.8 percent following a recent announcement by the bank saying documents belonging to 90 percent of privileged shareholders have been sent to the banking watchdog.
The bank's shares were priced at TL 0.95 on Turkey's stock exchange, Borsa İstanbul (BİST), at 4 p.m. on Thursday. Thursday's reading was 76 percent higher than the historic low of TL 0.54, recorded in September 2014.
After consecutive rises, Bank Asya's shares were ranked in fifth place in terms of fastest rising shares at BİST over the last six days. The bank's shares gained 10.47 percent in value on Thursday alone compared to the closing rate on Wednesday.
The Banking Regulation and Supervision Agency (BDDK) on Feb. 3 handed over management control to the TMSF of the majority of the bank's privileged shares, whose owners are entitled to nominate board members, citing the absence of shareholder information. However, the interim board established by the TMSF after the takeover announced on April 9 that 152 out of 185 privileged shareholders had submitted their documents to the BDDK.
The bank's lawyers argue that the BDDK should have already relinquished control of the bank when 51 percent of the shareholders submitted the documents.
Since April 9, Bank Asya shares have risen by 41.8 percent, strengthening shareholders' hand in their bid to take back the management of the bank.
Published on Today's Zaman, 16 April 2015, Thursday