Çitlekçi Mağazacılık announces plans for 59 new stores following public offering

Çitlekçi Mağazacılık Gıda AŞ has announced the details regarding the proceeds from its public offering on Borsa İstanbul under the code ‘CITAS’. Finance Director Kazım Altındağ stated that the company raised 2.7 billion lira through the offering, which saw a demand 7.8 times higher than the initial amount.

The company plans to utilize the entirety of these funds for investments. The allocation includes 30-40% for working capital, 30-40% for new store investments, 10-20% for solar power plant investments, and 10-20% for new warehouse investments.

Çitlekçi currently operates 40 stores and aims to expand its presence to all 81 provinces in Turkey, with a long-term goal of reaching 99 stores by the end of 2030. The company also expressed intentions for international expansion in the future.