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Ramenkam had been run jointly by Enka and Turkish retailer Migros MIGRS.IS until an agreement this week whereby Enka bought out its partner for $542.5 million. Meanwhile, Migros is being put up for sale by its owner Koc Holding (KCHOL.IS).
As at the end of 2006 Ramenka ran 55 stores under the Ramstore name and 10 shopping malls in Russia, according to the company website.
Enka’s construction arm built the shopping centres operated by Ramenka.
Enka stock opened 2.13 percent higher at 14.40 lira, compared to 1.2 percent on the main Istanbul index .XU100.
((Reporting by Emma Ross-Thomas, editing by Quentin Bryar; Reuters Messaging: email@example.com; email: firstname.lastname@example.org; Tel: +90 212 350 7062)) Keywords: ENKA RAMENKA/
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