"Emerging BIST Food Company Sets Sights on Establishing Operations in Dubai"

Seğmen Kardeşler Gıda Üretim ve Ambalaj Sanayi A.Ş. (SEGMN), which was listed on Borsa Istanbul in July, has decided to expand its sales, marketing, and distribution operations in the Gulf countries. In a board meeting on October 22, 2024, the company announced plans to establish a new subsidiary based in Dubai, aiming to increase its market share in the region.

New Warehouse and Sales Team in Dubai
According to the board's decision, Seğmen Kardeşler Gıda intends to strengthen its presence in the Gulf market through this new Dubai-based company, which will be a 100% subsidiary. The company plans to lease warehouse space in Dubai to facilitate more efficient distribution of products in the region. Moreover, a dedicated sales, marketing, and distribution team will be established for the area.

Targeting Existing and New Markets in the Gulf
The company aims to enhance its sales potential in countries where it regularly exports, including Dubai, Saudi Arabia, Bahrain, and Oman. Additionally, through the newly established subsidiary, Seğmen Kardeşler Gıda plans to reach markets in Kuwait and Qatar, targeting chain supermarkets and out-of-home consumption points. Board member Serdar Özcanlı has been authorized to manage and coordinate operations during this process.

SEGMN Shares Remain in a Declining Trend
Since starting trading on the Borsa Istanbul in July, SEGMN has continued its downward trend. The company’s shares, which were initially offered to the public at a price of 30 TL, have not returned to their IPO price since trading began on July 4. Currently, the shares are trading around 16.7 TL, representing a nearly 45% decline from the IPO price of 30 TL.