UPDATE 1-Aviva, Turkey's Sabanci Holding to float up to 20 pct of pension unit Avivasa

Thu Sep 4, 2014 11:29am EDT

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ISTANBUL, Sept 4 (Reuters) - British insurer Aviva PLC and Turkish conglomerate Sabanci Holding will float up to 20 percent of their Turkish joint-venture pension unit Avivasa, the companies said in filings on Thursday.

Aviva and Sabanci Holding will sell an equal number of shares in an initial public offering according to company statements.

Aviva currently holds 49.8 percent in Avivasa, which provides life and pensions products to over 2 million customers and had a net asset value of $96.4 million as of June 30, 2014.

Sabanci Holding, in a statement to the Istanbul stock exchange where it is listed, said it would float 19.7 percent of the insurance holding.

In November, Reuters reported that Aviva and Sabanci Holding had mandated Citigroup and HSBC to sell a minority stake in Avivasa in an initial public offering amid Aviva's group-wide restructuring aimed to shed non-core businesses, cut costs and improve profitability. (Reporting by Can Sezer and Dasha Afanasieva; Writing by Dasha Afanasieva; Editing by Nick Tattersall and Susan Thomas)

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