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Turkey sells toll roads, beltways, bridges through USD 5.7 bln tender  Join our daily free Newsletter

MENAFN - Kuwait News Agency (KUNA) - 18/12/2012

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(MENAFN - Kuwait News Agency (KUNA)) Turkey sold for 25 years operating rights for about 2,000 kilometers of toll roads, two beltways and two bridges over the Bosporus Strait for USD 5.7 billion on Monday.

The sale is considered the second-biggest state asset in Turkish history.
The joint venture Koc-UEM-Berhad-Gozde won the tender to privatize some roads and bridges in Turkey.

Earlier, a consortium made up of Koc Holding AS (KCHOL), Turkey's biggest group of companies, Istanbul-based Gozde Girisim Sermayesi Yatirim Ortakligi AS (GOZDE) and Malaysia's UEM Group Bhd won the rights to operate the bridges and roadways in an auction in Ankara.

Stocks for Koc Holding rose 4.4 percent, Turkish Liras (TL) 9.12 at the close in Istanbul trading, the highest since at least 1995.

Gozde, the venture capital unit of Yildiz Holding, owner of the Godiva chocolate brand, surged 11 percent, a TL 4.48, the highest since October last year.

The transaction trails the USD 6.55 billion sale of a 55 percent stake in land-line phone operator Turk Telekomunikasyon AS (TTKOM) in 2005 as Turkey's biggest.

The sale of oil refiner Tupras Turkiye Petrol Rafinerileri AS (TUPRS) the same year, also to Koc Holding, earned USD 4.14 billion for the government.
Koc and UEM each have a 40 percent stake in today's winning consortium, while Gozde's stake is 20 percent.

The sale will require separate approvals from Turkey's Privatization Administration, Competition Board and the Council of State.

 






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