COMPANIES AND INDUSTRIES [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) COMPANIES AND INDUSTRIESCigarette prices expected to be hiked 25%.
As a result of the government's decision to increase the special consumption tax on cigarette from 65% to 69% taking effect as of January 1, tobacco companies are expected to increase the price of cigarette by at least 25%, daily Milliyet reported. The price of most popular brands will be kept to around TRY 10 (EUR 4.2) from the current 8 TRY as a price above TRY 10 will result in a serious decline in demand, sources from the sector told the daily.
Borusan Mannesmann to invest USD 150mn in US plant.
The steel pipe producer Borusan Mannesmann said on Monday that its subsidiary Borusan Mannesmann Pipe US Inc, decided to build a plant in the US. The plant, which is expected to become operational in the second half of 2014, will cost USD 150mn. The plant will meet rising demand from shale gas and oil production in North America, the statement said. When it reaches full capacity, the plant is expected to generate an annual revenue of USD 500-600mn depending on steel prices
Foreign tourist visits up 2.2% y/y in November.
The number of foreign tourists increased by 2.21% y/y to 1.6mn in November, the ministry of tourism announced. Foreign tourist visits were up 0.5% y/y to 28.8mn in January-October and 9.65% y/y in August alone (the highest rate of increase recorded this year). In January-November, foreign tourist arrivals rose by a weak 0.59% y/y to 30.44mn. Tourism revenues are an important source of foreign currency for Turkey, whose current account deficit, even though declining in recent months, is still at high levels. Tourism minister Ertugrul Gunay said in August that he expected around 30mn foreign tourists this year due to the political turmoil in Syria, Turkey's tensions with Israel and Iran. In 2011, a total of 31.46mn foreign tourists visited Turkey, representing a 9.86% increase from 2010 and the country's tourism revenues amounted to USD 23bn.
Energy minister Yildiz: S. Korea unlikely to win second nuclear plant tender.
South Korea is almost out of the race for the construction of Turkey's second nuclear power plant in the Black Sea province of Sinop, energy minister Taner Yildiz said on Wednesday. South Korea's current bid is not acceptable and unless it comes up with a very different proposal S. Korea will be out of the race, Yildiz added, without providing the details on S. Korea's offer. Turkey has been in negotiations with four companies from South Korea, China, Japan and Canada for the construction of a planned second nuclear power plant, Yildiz asserted. South Korea reportedly demanded a Treasury guarantee. Yildiz said that the government did not have plans to offer state guarantee. Earlier this week, Yildiz commented that even though the talks are still underway, Far Eastern countries are closer to winning the second nuclear power plant tender.
Turkey seeks to buy more LNG from Algeria.
Turkey wants to buy more liquefied natural gas (LNG) from Algeria and seek to extend the contract with this country, energy minister Taner Yildiz said on Friday. The existing contract for annual 4.4bn cubic meters of LNG expires in 2014 but Turkey wants to increase the amount of gas it purchases from Algeria to 6bn cubic meters and it also seeks a 5-10 contract, Yildiz added. Turkey and Algeria have already agreed on 2.5bn cubic meters of spot LNP purchase next year, Yilmaz asserted.
Do & Co acquires Poland's LOT Catering.
Do & Co acquired 100% stake in Poland's LOT Catering Sp from Regionalny Fundusz Gospodarczy S.A for an undisclosed sum, the company said in a statement issued to the Istanbul Stock Exchange on Monday. The acquisition price will not be announced due to a confidentiality agreement between the parties, Do & Co explained. Do & Co will pay the price in cash.
GYODER forecasts 5-6% expansion for real estate-construction sector next year.
Turkey's real estate-construction sector is expected to grow 1-1.5% this year but the expansion of the sector will probably accelerate to 5-6% in 2013, GYODER (the association of real estate investment companies) chairman Isik Gokkaya said. GYODER forecasts a 4% GDP growth next year. The construction sector was affected by the government's policies aimed at slowing down GDP growth, office and hotel construction sectors remained relatively buoyant but shopping center investment declined, Gokkaya said. The construction sector's expansion rate increased slightly from 0.3% y/y in Q2 to 0.4% y/y in Q3 (the sector grew 10.3% y/y in Q3/2011) while 9-month expansion was only 1% y/y. In 2011, the construction sector grew by a strong 11.3%.
Vodafone Turkey posts EUR 1.1bn turnover in Apr-Sep.
Serpil Timuray, CEO of Vodafone Turkey, announced that the company posted a turnover of TRY 2.685mn (EUR 1.1bn) and an EBITDA of TRY 454mn in the first half of fiscal year of 2012-2013 (April 2012- September 2012). The company also increased its market share by 0.4 percentage points to 28.9% in the period, according to Timuray.
Global Holding signs agreement to buy remaining 22.1% stake in Global Liman.
Global Yatirim Holding signed an agreement on Friday (Dec 21) to acquire the remaining 22.1% stake in Global Liman from Savina Holding, Global Yatirim announced in a filing with the Istanbul Stock Exchange on Monday. Following the acquisition of the remaining shares, Global Yatirim Holding's stake in Global Yatirim will increase to 100%. Global Yatirim Holding did not disclose the details of the deal. The share transfer will be completed following an approval from the competition board, Global Yatirim said.
Energy market authority approves sale of Akcez shares to Akkok and CEZ.
The energy market regulator EPDK approved the sale of Akenerji's total 45% stake (TRY 225mn nominally-valued) in Akcez Enerji Yatirim to Akkok Sanayi Yatirim and CEZ, Akenerji said in a filing with the Istanbul Stock Exchange on Tuesday. Akenerji sold a 22.5% stake in Akcez to Akkok and another 22.5% stake to CEZ. Akkok Sanayi owns 20.43% of Akenerji.
Energy minister Yildiz: Turkey to continue buying natural gas from Iran.
Turkey will continue to buy natural gas from Iran and Turkey has not been asked to reduce or cut its gas purchases from this country, energy minister Yildiz said on Wednesday. Iran provides some 18-20% of the natural gas that Turkey consumes, Yildiz informed. The oil refiner Tupras has continued to buy oil from Iran, Yildiz also said. Please recall that the US administration in December renewed 180-day waivers on Iran oil sanctions for a number of countries, including Turkey. Yildiz expects the waivers to remain in place in the coming months, saying that unlike some European countries Turkey is not importing only 3% or 5% of its crude oil from Iran. Iran supplied around 50% of the oil that Turkey consumes last year thus Iran is an important supplier for Turkey but still it increased imports from Libya, Saudi Arabia, and Russia to make up for the declining imports from Iran, Yildiz said. Turkey's crude oil imports increased 5% y/y in the first ten months of the year to 16.3mn tonnes while imports rose 1% m/m to 1.8mn tonnes in October alone, data from the energy market watchdog EPDK showed. Iran's share in Turkey's total crude oil import was 12% in October.
Fitch revises Petkim's outlook to negative.
Rating agency Fitch announced that it affirmed the country's sole refiner Petkim's long-term foreign and local currency Issuer Default Rating (IDRs) at 'B+' and national long-term rating at 'A-(tur)' and revised the outlook to negative. Fitch detailed that the revision of the outlook reflects Fitch's concerns about Petkim's weak credit metrics as of end-Q3 and about its ability to sustain the recovery in operating cash flow and margins observed in the second half of this year, amid forecasts of lacklustre demand and increased volatility for the petrochemicals sector in 2013.
Final negotiations for Seyitomer power plant tender to be held on Friday.
The privatisation administration will hold the final negotiations for the Seyitomer tender on Friday (Dec 28). The tender includes the 600MW coal-fired power plant and operating rights of the related lignite fields. 16 companies/consortiums, namely Torunlar-Eren consortium, local Dogan Holding's Dogan Enerji, Altek Alarko Elektrik, D Enerji, Ayen Enerji, Park Holding, Ozkar Insaat, Aksa Enerji, Elsan Elektrik, Limak Insaat, Celikler Insaat, Eti Bakir, Bilgin Enerji-Suba consortium, Kolin Insaat, IC Ictas Enerji-Fernas Insaat consortium and Konya Seker-Siyahkalem Muhendislik consortium, submitted their initial bids for the power plant and related assets. The Seyitomer plant produced 4bn kWh of electricity in 2011 with a capacity usage rate of 74%, the statement detailed.
Aselsan signs EUR 11.5mn deal with ministry of defence.
Aselsan signed a contract worth EUR 11.5mn with the ministry of defence, the company said in a statement on Tuesday. The deal includes the modernisation of frigates. The orders within the scope of the agreement will be delivered in 2014 and 2015. Earlier this week, Aselsan announced an order from an unnamed international customer worth USD 1.97mn.
Gozde Girisim sells stakes in three subsidiaries.
One of the country's largest food producers Ulker Group's parent company Yildiz Holding's subsidiary Gozde Girisim Sermayesi, a private equity firm, informed in a filing with the ISE that it sold its TRY 13mn nominally-valued whole 62% stake in computer producer and distributor Exper Bilgisayar for a consideration of TRY 89,000 in cash to Yildiz Holding's 27.27% direct subsidiary Penta Teknoloji Urunleri. Gozde recorded a TRY 88,999 profit from the sale and its consolidated short-term liabilities declined by TRY 83.3mn, the statement detailed. In another filing with the ISE, Gozde said that it sold its TRY 7.5mn nominally-valued whole 62.3% stake in software producer Medyasoft for TRY 951,000 in cash to Penta. Gozde recorded a TRY 949,999 profit from the sale, the statement detailed. In a third separate filing; Gozde informed that it sold its TRY 1.35mn nominally-valued whole 45% stake in leasing company Kaynak Finansal Kiralama for TRY 1.35mn in cash to Yildiz Group company Us Holding. Gozde recorded a TRY 0.14mn profit from the sale and the deal is subject to the approval from the banking watchdog BDDK, the statement detailed.
Business sentiment down in service, retail and construction sectors in Dec.
The business confidence continued to fall in the service, retail and construction industries in December, the statistics institute's monthly survey showed. The confidence indicator for these sectors has declines since June The service sector confidence index was down 2.9% m/m (5% y/y) while the decline in the retail and construction industries' confidence indexes were at 5.3% m/m (3.6% y/y) and 5.7% m/m (12.2% y/y). Service sector companies said business situation as well as demand conditions and turnover outlook deteriorated over the past 3 months and they were pessimistic about demand-turnover conditions in the next 3 months. Business activity-sales over the past 3 months got worse, retailers said and retailers' expectations regarding business activity-sales over the next 3 months deteriorated. The drop in the confidence in the construction sector is due to the deterioration in current overall order books and total employment expectation over the next 3 months. The construction sector accounted for 4% of GDP (according to Q3 data), down from 4.7% in Q2.
Is Girisim to acquire 1.43% stake in Is Yatirim Ortakligi from TSKB.
Private equity firm Is Girisim informed the ISE that it mandated its headquarters in order to acquire a 1.43% stake (2.3 units of Group A type shares) in its 26.47% subsidiary Is Yatirim Ortakligi, an investment trust, from TSKB.
China's CSUN to produce solar cells and panels at Tuzla plant.
Chinese Sunergy (CSUN), a solar cell and module manufacturer, established a plant in Istanbul's Tuzla district to produce solar cells and panels together with local partner Seul Energy. CSUN already installed 150MW solar panel production line at the factory and will begin producing the panels in January 2013 while 100MW solar cell line is now under installation and will start manufacturing in March 2013, the company said. CSUN also plans to move additional 200MW equipment to Turkey plant from the facilities in Shanghai in the first quarter of 2013. In September CSUN and Seul Energy signed agreements to invest jointly in three newly established companies under the name CSUN Eurasia to produce PV cells and PV modules in Turkey and to invest in downstream solar projects in Turkey and neighbouring countries.
Turk Traktor extends contract with carmaker Otokar.
Turk Traktor extended an assembly support agreement with the carmaker Otokar until December 31, 2013, Turk Traktor said in a statement issued to the Istanbul Stock Exchange on Tuesday.
Carmaker Tofas to suspend production for one week.
Production at Tofas plant will be suspended between Dec 26 and January 7 for regular annual maintenance works at the factory, while workers will be on leave during this period, carmaker Tofas announced in a filing with the Istanbul Stock Exchange on Wednesday.
Petkim to sell land in Aliaga to Socar for steam plant investment.
Petrochemicals company Petkim Holding signed an agreement for a 79,555 square meters of land at its Aliaga complex with Socar Power, the company said in a statement issued to the Istanbul Stock Exchange on Thursday. Socar Power will first lease the land for a year for TRY 1.15mn and it will buy the land within the lease period or at the end of the lease period for USD 11mn plus VAT. Socar Power will also make a one-off payment of USD 6mn. Socar Power will construct a steam generating plant on the land. The appraisal value of the land is USD 6.6mn plus VAT, Petkim said.
Marshall Boya wins EUR 18mn tender.
Paint producer Marshall Boya won a tender worth TRY 41.8mn (EUR 18mn) to provide the ministry of transportation's general directorate of highways with 17,130 tonnes of paint and 90 tonnes paint thinner.
Emlak REIT signs contract with Akdeniz Insaat for Istanbul Finance Centre.
Emlak Real Estate Investment Trust signed a contract with Akdeniz Insaat regarding the Istanbul Finance Centre project, Emlak REIT announced on Friday. Agaoglu Group's Akdeniz Insaat won the Atasehir Istanbul Finance Centre tender in November, offering a total revenue of TRY 1.46bn (EUR 616mn) and 4.15% revenue share from the project to Emlak REIT.
Eltes-Dap places best bid in Emlak REIT's Kartal land tender.
Emlak Real Estate Investment Trust informed in a filing with the Istanbul Stock Exchange that it held the second session of Kartal land plot tender on Tuesday. The consortium set by Eltes Insaat and Dap Yapi placed the best bid in the tender; TRY 1.335bn (EUR 564mn) revenue and a 40% revenue share (about TRY 534mn) for Emlak REIT. 18 bidders participated in the tender and six of them placed final bids. 19 companies/consortiums participated in the first session of tender earlier this month, 18 of them placed bids, and SZA-Ronesans-Salacak Gayrimenkul consortium made the best bid, offering a total revenue of TRY 766mn and a 40% revenue share (TRY 306.mn). SZA-Ronesans-Salacak did not place a final bid in the second round. Emlak REIT acquired the 100,000m2 of land in question last year for a consideration of TRY 207mn.
Enka's Enmar to acquire 19.87% stake in Russia-based JSC.
Construction Enka Insaat informed in a filing with the ISE that its Russia-based subsidiary Limited Liability Enmar won a tender held for the Municipality of Moscow's 19.87% stake in Enka's 56% indirect subsidiary Russia-based JSC Moskva Krasnye Holmy with an offer of RUB 2.8bn (EUR 70mn). The share transfer will be completed after Jan 17 when the share sale agreement is signed, the statement detailed.
Cengiz Insaat wins USD 237mn contract to build highway in Bosnia.
Local construction firm Cengiz Insaat signed a USD 237mn worth contract in Bosnia-Herzegovina. Cengiz Insaat will build the 10 kilometres of a 20-km long highway.
Emaar Turkey starts to develop USD 2.5bn Camlica Emaar Square project.
Emaar Turkey has started to develop its Emaar Square project in Istanbul's Camlica district. Emaar Square is estimated to cost USD 2.5bn and expected to be completed at the end of 2015. The project consists of more than 1,000 homes, a hotel, offices, leisure facilities, and a shopping centre. Recently Emaar secured a USD 500mn loan for the project.
Berkosan decides to buy land in Bozuyuk organised industrial zone.
Construction materials producer Berkosan decided to buy a 45,000 square meters of land in the Bozuyuk organised industrial zone for TRY 1.2mn (EUR 0.5mn) to be used in the company's future investments, Berkosan said in a statement on Wednesday. Berkosan will make cash payment of TRY 0.4mn for the land while the remaining amount will be paid in five equal instalments between January and May 2013.
Construction firm Tas Yapi establishes company in Libya.
Local construction firm Tas Yapi has established a company with two other partners in Libya, chairman of Tas Yapi, Emrullah Turanli, told daily Milliyet. The new company will focus on the energy, health and agriculture sectors in Libya, Turainli said without providing further details.
Final price of 99.85% stake in Denizbank determined at EUR 2.9bn.
Private lender Denizbank informed in a filing with the Istanbul Stock Exchange that final price for its 99.8526% stake, which was sold to Russian lender Sberbank in July, has been determined at TRY 6.9bn (EUR 2.9bn). According to the share sale agreement signed by Sberbank and Denizbank's former shareholder Belgian lender Dexia in July, 715.010.291 shares of Denizbank were initially valued at TRY 6.5bn in total and the parties agreed to revise the sale price based on the developments in Denizbank's financials between December 31, 2011 and September 28, 2012, the statement detailed.
Bank loans grow 0.49% w/w as of Dec 14.
According to data from the banking regulation and supervision agency (BDDK), bank loans grow by 0.49% w/w to TRY 791bn (EUR 334bn) (the historically highest level) as of December 14. The loan volume increased by 14.1% compared with end-2011 and the y/y increase was 15.3%. Bank loans increased by 29.5% y/y to TRY 693.2bn as of end-2011, by 15.58% y/y to TRY 787.2bn as of December 7 and by 1.24% w/w (the highest w/w increase since Aug 12, 2011) to TRY 788.48bn as of November 30. The Banks Association of Turkey (TBB) said in June that it expected loans of banking industry to grow 15-18% this year. S&P commented earlier this month that it predicted that overall bank loans would grow by about 17% in 2012, which corresponds to about 10% real growth when adjusted for forecast inflation, and warned that loan growth rate of Turkish banking industry was higher than the growth in its deposits and this funding gap created liquidity and funding risks for the domestic banking sector. On the other hand, Fitch said earlier this month that it expected bank loans to increase by 15-20% y/y in 2013 and if the credit growth exceeds these levels it will threaten the outlook.
Aksigorta reports EUR 497mn premium revenues in Jan-Nov.
Insurer Aksigorta reported that its premium revenues stood at TRY 1.18bn (EUR 497mn) in Jan-Nov, representing a 16.7% y/y increase from TRY 1bn premium revenues in the same period of 2011. In the filing with the Istanbul Stock Exchange, the company detailed that the largest contribution to premium revenues came from the vehicle insurance branch with TRY 361.2mn, representing a slight 0.4% y/y increase from TRY 359.8mn a year ago. Premium revenues from the vehicle branch had declined by 2.2% y/y in Jan-Aug. The insurer managed to increase its premium revenues by 16.3% y/y in Jan-Aug, 17.5% y/y in Jan-May, by 28.3% y/y to TRY 1.1bn in 2011 and by 4% y/y to TRY 886.3mn in 2010.
Sekerbank applies to issue up to USD 500mn Eurobonds.
Medium-sized private lender Sekerbank informed in a filing with the Istanbul Stock Exchange that it applied to the Capital Markets Board (SPK) in order to issue up to USD 500mn worth Eurobonds with maturities of up to five years for qualified foreign investors.
Finansbank obtains securitization loan.
Private lender Finansbank informed in a filing with the Istanbul Stock Exchange that it obtained a securitization loan, consisting of two tranches of USD 75mn and EUR 60mn, in order to finance the SMEs and energy projects.
Vakifbank obtains EUR 200mn loan from EIB.
State-owned lender Vakifbank informed in a filing with the Istanbul Stock Exchange that it obtained a EUR 200mn loan with a maturity of 8 years and with a grace period of 3 years from the European Investment Bank (EIB) under the guarantee of the Turkish Treasury. The lender will use the loan to finance its SME customers, the statement detailed.
Heineken reportedly ends partnership with Efes because of Efes-Miller deal.
Heineken decided to end its partnership with local brewer Efes in Serbia and Kazakhstan because of an agreement Efes signed with SAB Miller, local daily Hurriyet reported. One of Turkey's largest brewers Anadolu Efes said on Friday that its 100% subsidiary Efes Breweries International (EBI) and Heineken agreed to end their partnerships in Kazakhstan and Serbia. Heineken parted ways with Efes because of a clause in the original agreement stating that any partnership deal with a rival company would terminate the agreement. Earlier this year Efes formed a partnership with SAB Miller in the Russian and Ukrainian markets, thus the agreement with Heineken was automatically cancelled, Anadolu Group's chairman Tuncay Ozilhan told Hurriyet.
Poultry firm Seker Pilic signs USD 4mn export contract with Iraq.
Poultry firm Seker Pilic signed a contract to export USD 4mn worth of products to Iraq, the company said in a statement issued to the Istanbul Stock Exchange on Wednesday. The orders will be delivered in five weeks.
Isbir Holding sells 70% stake in Isbir Optik to Essilor.
Isbir Holding announced on Friday that it signed an agreement to sell its entire 69.98% stake (TRY 0.6mn nominally-valued) in the producer of ophthalmic lenses Isbir Optik Sanayi to Essilor International SA. The share transfer will be completed after related authorities approve the deal.
Tnb applies for amendments to main contract to go public.
Computer manufacturer and distributor Escort Teknoloji informed in a filing with the Istanbul Stock Exchange that its 45% subsidiary Tnb Bilgisayar ve Goruntu Sistemleri, which distributes Toshiba brand products in Turkey, applied to the Capital Markets Board (SPK) for required amendments to its articles of association in order to go public, without providing any further details. Tnb currently operates with a paid-in capital of TRY 20mn (EUR 8mn), according to the Public Disclosure Platform. Please note that Escort acquired a 16.48% stake in Tnb for a total consideration of USD 10.6mn in July 2008.
Kron Telekom won USD 0.6mn worth tender from Turksat.
Kron Telekomunikasyon informed in a filing with the ISE that it won a tender held by Turksat to acquire network administration and monitoring system with its USD 0.62mn offer.
Ericom Telekom sells 10% stake in Ev.
Ericom Telekomunikasyon ve Enerji Teknolojileri informed in a filing with the ISE that it sold a 10% stake in its battery car transformer subsidiary Ev Elektrikli Arac Donusumu ve Sarj Istasyonlari to Hurol Tasdelen, general manager of Ev, with respect to the co-operation agreement signed with Tasdelen for a consideration of TRY 0.12mn (EUR 0.05mn) in cash. Ericom's stake in Ev declined to 45% following the sale, the statement detailed.
Teknosa GM expects more foreign companies to exit Turkish market.
Mehmet Nane, general manager of consumer electronics retailer Teknosa, said that the consolidation process in the market had begun and he expected one or two more companies to exit the Turkish market. The consolidation process will probably be completed within two to three years, Nane added.
Turk Telekom obtains EUR 130mn loan from EDC.
The country's largest telecommunication company Turk Telekom informed in a filing with the ISE that it signed a loan agreement worth EUR 130mn with the Export Development Canada (EDC) with an annual cost of Euribor+3%. Please note that the company informed in July that it obtained a EUR 100mn loan with a maturity of 8 years and with a grace period of 2 years from the European Bank for Reconstruction and Development (EBRD).
Turk Telekom obtains USD 600mn loan from China Development Bank.
The country's largest telecom operator Turk Telekom informed in a filing with the Istanbul Stock Exchange that it signed a total of USD 600mn worth two loan deals with the China Development Bank. Both loans have a maturity of 8 years, the statement detailed. Turk Telekom will use the USD 200mn worth loan to finance its and its subsidiaries' purchases from Huawei and this loan has a grace period of 30 months with an annual cost of Libor+2.85%, according to the statement. The other USD 400mn worth of loan has a grace period of three years and has a cost of Libor+3.4%, Turk Telekom detailed.
Turkcell subsidiary Turktell to lift capital.
Turkcell's 100% subsidiary Turktell Bilisim decided to lift its capital to TRY 1.5bn from TRY 346mn. There will be no cash flow from Turkcell since Turktell will use the capital advances provided by Turkcell for the capital increase.
Competition authority approves result of bridges, toll roads tender.
The competition board has approved the transfer of operating rights of two bridges and toll roads for a period of 25 years to a consortium made up of Koc Holding, Gozde Girisim and Malaysia's UEM Group. Koc Holding-Gozde Girisim-UEM Group won the concession tender with a bid of USD 5.72bn. Koc Holding and UEM each have a 40% stake in the consortium while Gozde Girisim's share is 20%.
Koc and Sabanci reportedly interested in Istanbul third airport tender.
Koc Group and Sabanci Group are interested in Istanbul's third airport tender, daily Haberturk reported. The new airport will be built through BOT model and will have an annual passenger capacity of 150mn. A delegation from Sabanci Group this week had meetings with officials from the ministry of transport, sources from the ministry told Haberturk. Sabanci Group will definitely take part in the tender, according to the newspaper. The tender is expected to be announced next year. If the tender is finalised in 2013, the airport may become operational in 2017, according to the sources from the ministry.
Authority announces tender for ports privatisation advisor.
The privatisation administration will hold a tender for an advisor to the privatisation of several ports. The operating rights of the Derince, Izmir cruise & cargo, Tekirdag, Gulluk, Pasaport, Canakkale Kabatepe, and Gokceada Kuzu ports will be transferred through tenders. The administration invited the prequalification bids for the advisor tender with the deadline of January 21, 2013.
Turkey to sign USD 10-12bn agreement with UAE for Afsin-Elbistan project.
Turkey will sign an agreement worth USD 10-12bn with the United Arab Emirates on January 3 regarding the Afsin-Elbistan project. In November this year, Turkey's state-owned EUAS and UAE's public energy company TAQA signed a protocol regarding electricity production the Afsin-Elbistan region. The project will add around 8,000 MW news generation capacity, Yildiz said. Turkey's installed electricity generation capacity reached 57,000 MW in 2012, according to the minister.
Petkim agrees to buy natural gas from Socar Gaz.
Petrochemicals firm Petkim informed in a filing with the Istanbul Stock Exchange that it signed an agreement with its main shareholder State Oil Company of Azerbaijan's (Socar) indirect subsidiary Socar Gaz in order to purchase up to 455mn Sm3 natural gas annually. The maximum price for 1000 Sm3 natural gas has been set at USD 380 and the ceiling for USD/TRY parity has also been set at 1.9, the statement detailed. Please note that Socar controls a 68.9% indirect stake in Petkim, according to the Public Disclosure Platform.
Latek shareholders sells 9.4% stake to foreign investors.
Local Latek Holding informed in a filing with the Istanbul Stock Exchange that its shareholders Levent Erdogan, Suphi Bulent Erdogan and Murat Uysal agreed to sell a total of 8mn shares (about 9.4%) in Latek Holding to two unnamed foreign investors. Each investor acquires 4mn shares and sale price will be determined based on the price of Latek shares traded on the ISE in the coming six months, the statement detailed. Levent Erdogan holds a 62.27% stake in Latek, Suphi Bulent Erdogan controls 13.26% and Murat Uysal has a 7.88% stake in Latek Holding, according the statement.
(c) 2012 Emerging Markets Direct Media Holdings LLC Provided by Syndigate.info an Albawaba.com company
[ Back To middleeast.tmcnet.com.com's Homepage 's Homepage ]