(Adds detail, background)
ISTANBUL, Sept 4 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
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
(Reporting by Can Sezer and Dasha Afanasieva; Writing by Dasha
Afanasieva; Editing by Nick Tattersall and Susan Thomas)