February 28, 2019 / 1:23 PM / 18 days ago

Turkish tea company Dogus in talks to sell 10-20 percent stake

ISTANBUL, Feb 28 (Reuters) - Turkish tea and snacks company Dogus is in talks with a European company to sell a possible 10-20 percent stake, a Dogus official told Reuters.

"Talks with a European company are ongoing, there has been one meeting so far. It will last 3-4 months. It might or might not happen," the official said, adding that the company is receiving offers from Asia as well.

Dogus has mandated Is Invest as an adviser. Is Invest declined to comment.

The company's turnover is expected to be 2 billion lira ($376 million) in 2019, and it owes banks a third of that amount, the official said, adding that the repayment was not a problem.

Dogus Cay was formed in 1985 as a family company selling tea. It currently owns potato chips companies Patos and Cipso, as well as Dogus tomato paste.

The company operates under the name Dogus Seker in the sugar sector. It bought a sugar factory in the central Afyon province for 725 million lira when it was privatised last year.

$1 = 5.3227 liras Reporting by Ebru Tuncay and Birsen Altayli Writing by Ali Kucukgocmen Editing by Dominic Evans

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