Turkey Financial News

Posted by meb at November 21st, 2008

The Savings Deposit Insurance Fund, or TMSF, has collected $18 billion by selling assets it collected from owners of confiscated banks and corporations over the last five years.

Asset sales bring in $18 bln Since 2003, when Ahmet Ertürk became the TMSF chairman, the fund has sold 11 radio stations, 11 television stations, and six newspapers via tender. The fund has also sold one bank, two football clubs, 25 factories, two ports, 11 marine vessels, five helicopters, 6,100 real estate properties, 2,000 vehicles, 300 items of heavy construction machinery, 500 guns, 145,000 household goods, 5,000 wines, 844 boxes of cigars, 500 oil paintings, 9,500 items of jewellery, 275 copyright licenses and 500 livestock.

Having sold 41 companies via tender, TMSF attained its highest income, $4.5 billion, from Telsim, a mobile phone operator acquired by Vodafone. The sale of daily Sabah and the Atv channel to Çalık Group followed for $1.1 billion. (more…)

Posted by meb at October 25th, 2008

Ankara Metropolitan Municipality has announced a tender for the sale of plots of land located near Gölbaşı district’s Koparan Street. The municipality has determined the estimated value of the land at YTL 30.1 million, while those attending the tender will have to submit YTL 903,000 to the municipality as a temporary security deposit.

The tender will take place Nov. 6 at 2.00 p.m. through a closed envelope method. Those wishing to attend the tender for the sale of the property are able to examine contract for the tender at the municipality’s Department of Real Estate and Expropriation during business hours. The letters of tender prepared to the specifications of the tender can be submitted to the head of the Editorial Office and Board of Decisions before noon on the date of the tender. (more…)

Posted by meb at September 4th, 2008

Turkish TAV Airports Holding has won a tender for the operation of two airports and construction of a new cargo terminal in Macedonia, Turkey’s Milliyet newspaper reported on Wednesday.

The company had not yet received official notification of the award, TAV said in a statement to the Istanbul Stock Exchange.

Last week the company said it was the sole bidder in the tender, which included the rights to operate two international airports at Skopje and Ohrid for 20 years as well as to construct Shtip airport’s cargo terminal. (more…)

Posted by meb at September 1st, 2008

Europe’s biggest betting firm OPAP plans to bid for Turkey’s national lottery Milli Piyango in a joint venture with Turkish business groups, its chief executive said in a newspaper interview published on Sunday.

As betting markets around the world are liberalized, Greece’s OPAP is looking for expansion opportunities to offset any loss of local market share after its monopoly rights expire in 2020.

‘We want this project, we want to get into the largest market in southeast Europe, we have the ability to take over (the lottery) but we are not ‘rabid’ to do it at any cost,’ OPAP Chief Executive Christos Hadjiemmanuil told Kathimerini newspaper.

Milli Piyango made sales of 459.8 million YTL ($388.2 million) in 2008 and net profit of $331.8 million. (more…)

Posted by meb at July 24th, 2008

The Public Waterworks Administration’s (DSİ) Region Four administration will open a project bid for the Mavi Tünel (Blue Tunnel) project, expected to provide the Konya Plain with 414 million cubic meters of water annually, in August. The project is expected to cost YTL 750 million.

Speaking with the Anatolia news agency, DSİ Region Four Deputy General Manager Mevlüt Pınarkara said the Blue Tunnel project, the most important leg of the Konya Plains Project (KOP), is proceeding at a quick pace. A total of 414 million cubic meters of water in the Göksü Basin, which empties into the Mediterranean, will be redirected to the Konya Basin with the help of the Blue Tunnel project, facilitating the irrigation of land in the region and reducing pressure on groundwater in the Konya Basin. (more…)

Posted by meb at June 11th, 2008

The privitization process of electricity distribution companies begins with Başkent (BEDAŞ) and Sakarya Elekrik Dağıtım (SEDAŞ). Today is the last day for interested parties to submit their offers for these two electricity distribution firms. (more…)

Posted by meb at May 16th, 2008

Savings Deposit Insurance Fund (TMSF) President Ahmet Ertürk said yesterday the fund has preliminary plans to announce the conditions, price and schedule for the sale of Adabank next week.

Responding to questions from the press after giving a speech at the first KPMG Turkey Financial Risk Management Conference in İstanbul, Ertürk said the TMSF is in the final preparatory phase for the Adabank sale as there remain no further legal obstacles after courts rejected all requests for a stay of execution on the sale. The TMSF had confiscated Adabank and İmar Bankası in 2003 to cover the losses that the former owners, the Uzan family, had imposed upon the state from their mismanagement of the banks. “We don’t want Adabank to stay in the system as a small bank, and we want a quick solution,” Ertürk said, noting that there will be sufficient demand for Adabank, including from certain foreign banks. (more…)