Turkey's cooker firm set to float

TURKEY's leading cooker producer, Teba, is believed to be seeking a listing on the Alternative Investment Market next year in a deal that could value it as high as £100 million.

Teba, which was founded in 1967, is thought to have appointed stockbrokers Panmure to handle the listing, though insiders stress that the transaction may be some time away. One said: 'The deal is complicated because of legal and accounting issues. This is also a family-owned business.'

Teba has two separate businessesin its portfolio. It manufactures home appliances, such as cookers, and also heating and ventilation units.

Its cookers are sold in the UK through B&Q, Argos, Currys and Comet. Teba exports to more than 80 countries.

It is understood that Teba is looking to float only the home appliances manufacturing operation. About 40% of the output is produced under the Teba name, while just over 50% is manufactured for other companies, such as General Electric. In September, Teba was granted £3.5 million from the Islamic Development Bank, which it said it planned to use for import financing.

A recent letter to Teba's 1,200 staff from founder and chief executive Teoman Baygan said: 'My wish is that we all stay together in Teba in the years that start with 2000 and see that our dreams become reality. I would like to thank everyone who has helped Teba to excel itself and become what it is today.'