Posted by meb at January 14th, 2008

A January-25 deadline for submitting final offers in the privatization of Turkey’s state-owned tobacco company TEKEL was extended to February 18, upon requests from certain investors and due to appointments of new Privatization Administration Board members.

Among the companies interested in the privatization of Tekel Cigarettes are British American Tobacco, JTI, Dogan Holding-Citi Venture Capital International, Cigarette Production and Marketing Company, investment fund Cinven and investors from Russia and Britain.

Turkey is the world’s seventh-largest cigarette market, with about 100 billion cigarettes smoked every year. Tekel controlled 38 percent of Turkey’s cigarette market last year, according to the Privatization Administration. Its market share was about 57 percent in 2002. The company received an operating profit of 199 million new Turkish Liras (YTL) in 2006.

source: The New Anatolian

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