Bank sale feeds energy and retail investments
Posted by meb at June 8th, 2008
Turkey’s Fiba Holding, which sold 46 percent shares in Finansbank for $2.76 billion to the National Bank of Greece (NBG) in 2006, used the money obtained from the sale to invest in several sectors, including energy, retail and shipbuilding, according to the firm’s owner.
“We have used a portion of the money in energy, retail and shipbuilding investments. We have also added capital to the banks abroad. All money is spent now,” Hüsnü Özyeğin, owner of Fiba Group, said during the opening ceremony of a cinema theater in Gaziantep last week.
Building China’s largets shopping center is also included among many invetsments Fiba is implementing. Fiba, which controls an investment portfolio of high-value brand names in both financial and non-financial lines of business, laid down the foundation of the mall with collaboration of Turkmall, said Özyeğin. The shopping center, which will be built on an area of 240,000 square meters, is expected to cost $250 million. “We purchased the land together with IKEA. The world’s second-largest IKEA store and a very modern shopping center will be built there.”
Referring to the group’s investment in shipping, “[it is] a crucial step for Turkey,” said the businessman. “We will prove that giant tankers can be built in Turkey.” The firm already started to build a giant tanker of 180,000 tons at Sedef Shipyard.“These ships will carry coal, iron ore and wheat. Three giant ships will start operating as of 2010.”
Wind power investment
Fiba, which is planning to invets in wind energy, applied for a license of 10,000 megawatts, said Özyeğin.“Turkey’s wind power application capacity is double that of Europe. The applications, which surpassed demand, have proved Turkey’s entrepreneurship.”
Regarding the wind investment, Özyeğin said, “Turkey will sign Kyota Agreement and carbon trade opportunity will emerge in renewable energy. Wind presents advantages at this point.” The investment will surpass 1 billion euros, and the equipments have already been ordered, he said.
The groups which has also established a bank in Ukraine, and an insurance company in Russia and Romania, plans to develop in life insurance in Russia and non-life branches in Romania. The group also aims to develop language school Wall Street Institue abroad, Özyeğin said and added that the firm’s joint project with Wall Street Institue to open school in Russia is ongoing.
source: Turkish Daily News
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