Zorlu Energy Completes the Sale of Shares in Its Joint Venture in Israel

Zorlu Enerji (ZOREN) announced that it has completed the sale of its entire shareholding in three companies in Israel, in which it is a direct partner. The company had initiated this sales process in a special situation announcement on May 24, 2024. As of December 17, 2024, the transfer of all shares held by Zorlu Enerji in Ezotech Electric Ltd., Solad Energy Ltd., and Adnit Real Estate Ltd. has been finalized.

The stakes in these Israel-based companies were sold to other partners, Edeltech Ltd. and Edeltech Holdings 2006 Ltd. Additionally, indirect subsidiaries of Ezotech, including Ashdod Energy Ltd. and Ramat Negev Energy Ltd., which are 100% owned by Ezotech, have also come under Edeltech's control. These sales include gas power plants located in Ashdod and Ramat Negev.

This transaction represents a significant step for Zorlu Enerji in line with its portfolio management and strategic goals. The company's decision to transfer its investments in the Israeli market to another partner can be interpreted as a sign of its desire to shift operational focus to other geographical regions.

ZOREN shares, traded on BIST, experienced a pullback of up to 40% during the May-October period. After finding support at an average of 3.9 TL in October, the stock rebounded by approximately 15% over the next two months, reaching a level of 4.4 TL. Currently, ZOREN has a partial value increase of around 3% on an annual basis after giving back its 2024 gains.