Murat Ülker reacts against speculation on share sale

01 February 20183 min reading

Murat Ülker, CEO of Yıldız Holding, reacted against speculations on social media about the sale of 30 percent share of Ülker Biscuit, worth 2 billion Turkish liras, to London-based Pladis.


Murat Ülker, CEO of Yıldız Holding, issued a press statement containing eleven points to explain the sale. “Thanks to this sale, we are able to produce and export to Pladis factories all around the world,” Ülker said. It is said in the release which was published on the official website of both Yıldız Holding and Ülker that, “The holding sold 102.6 million shares of Ülker Bisküvi, which correspond to 30 percent, to its own Pladis Foods Limited for 2 billion Turkish liras. Why did our local company Yıldız Holding, that is to say the Ülker Family, claimed its rights and obligations in the Ülker company through Pladis, which is one hundred percent owned by the family? What is the underlying reason for this move? The answer is this: Sector-based businesses with growing income in different countries create more employment, export, tax and added value. We will reach this goal with management skills according to international regulation and competition. This is not tax evasion; rather it means growing business, increasing profit, employment and export. We call this simply being global. This does not prevent our family and works from being national. On the contrary, this move strengthens this stance.”

PROPERTY EVASION COULD ONLY OCCUR IN TAX HEAVENS “I list some of the reasons some of which are trade secrets. 1. This sale is only meant for future success. Otherwise, Pladis would remain a British company owned by a Turk and any Turkish influence would not be felt. This is important for business management. 2. In the future, Pladis Company will go public in the UK and be listed in the Turkish stock exchange. 3. Ülker is the most profitable and fastest growing part of Pladis. This is important for future total value of the company. 4. Without any investment from Turkey, the Middle East and Africa, it is unthinkable to have global and public company with any future potential. 5. We want to further strengthen the employee brand. This togetherness is vital to utilize the know-how, experience and technology in Turkey, make use of innovation skills and synergy. This also allows the expertise of Ülker personnel to be utilized on the global scale. For example, we utilize from Turkish production engineering in the production in US. 6. Through this togetherness, we can produce and export to Pladis factories all around the world. To do this, we invest in new capacity investments. This is very necessary and useful for employment and export from Turkey. 7. There is double-taxation agreement between UK and Turkey. That is to say, it is clearly seen that those who claim tax evasion are unaware of the legal issue. 8. As Yıldız Holding, in 2017, we paid more than 850 million Turkish liras of tax or tax-equivalent donations. 9. Every month I visit many countries. I visit our operations on site. But I don’t have any office in the UK or any other country except for Turkey because I don’t need one. 10. “Property evasion” could only occur in tax heavens. This could be done on behalf of others. None is possible through a share transfer, thus the speculation proves malice and hatred. 11. Yıldız Holding and all of its subsidiaries are subjected Turkey’s law and courts.”

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