 PRIVATIZATION IN TURKEY
Turkey, one of the fastest growing economies of the world has positioned itself as an attractive and promising investment environment through the implementation free trade principles and establishment of dynamic capital markets as well as offering liberal incentives facilitating transactions for international investors and exporters. For more information regarding privatization in Turkey, a law firm should be consulted.
Privatization tenders of the day
Turkish Privatization Administration has announced that final bargaining negotiations regarding tenders called for Bandirma and Samsun ports, which belong to the General Directorate of TCDD Establishment, privatization via the transfer of operating right for 36 years will take place today.
Two more state-owned electricity grids for sale
The state-owned Meram and Aras electricity distribution corporations are to be privatized, with its shares will be sold as a block, Turkey's Privatization Administration (OIB) announced yesterday in the Official Gazette.
The eventual buyer must provide $10 million as collateral to purchase the Meram Electricity Distribution Corp. shares. The corporation serves Kirsehir, Nevsehir, Nigde, Aksaray, Konya and Karaman. For the shares of the Aras Electricity Distribution Corp., which serves Erzurum, Agri, Ardahan, Bayburt, Erzincan, Igdir and Kars, the figure is $5 million.
Potential buyers will have to apply to the OIB by 4 p.m. on May 26 and present their offers by July 15. Related materials and documents listing the contract terms for the corporations' sales will be available from May 5 at the OIB.
FT: Turk Telekom's IPO launched
Financial Times: Turkey launched the sale of a stake in Turk Telekom in a move that is expected to raise about $2bn, which would make it the biggest ever Turkish initial public offering. The Turkish privatisation agency set the price range for the 15 per cent stake in the company at TL3.90 to TL4.70.
Christopher Laing, co-head of central and eastern Europe, Middle East and Africa ECM at Deutsche Bank, one of the banks managing the deal, said: "The fact that Turkey is launching its biggest ever IPO is a sign that the markets are improving and that the political situation is not deterring investors."
Turk Telekom is by some distance the dominant provider of fixed-line and broadband services in Turkey.
National Lottery tender to be held on Q2
A tender for the privatization of Turkey's national lottery is expected in the second quarter of this year, Turkish privatization authority officials said on Thursday.
Major international lottery operators as well as national firms are expressing willingness for the lucrative business, sources have said. International lottery operators such as British Camelot, Greek Opap and Intralot, Italian Lottomatica, Austrian Osterreichische as well as Turkey's Koc, Sabanci, Dogan, Cukurova and Dogus groups are wiling to engage in the auction.
The winner of the tender is expected to start running the national lottery in early 2010, at the latest with an operating right for seven to ten years.
Milli Piyango has 32 percent of market share in Turkey with an annual turnover of 683 million USD and 189 million USD of net profit.
Strategy report ready for bridge, highway privatization
Turkish Industry and Development Bank (TSKB) General Director Halil Eroglu, elected advisor for the privatization of bridges and highways by the Privatization Administration (OIB), has said that the strategy report for the privatization of bridges and highways is complete.
Eroglu, in an interview with the Anatolia news agency, said yesterday that the OIB is currently reviewing the report. “The bidding process is expected to start in May. Certain laws need to be amended for the privatization of highways and bridges... After these amendments are approved and made by Parliament, the bidding process will kick off,” he said.
The privatization package consists of handing out the operation rights of two bridges, namely the Bosporus and the Fatih Sultan Mehmet bridges in Istanbul, and six highways to private companies for 20 to 25 years. The income from the privatization of these bridges and highways is expected to reach $5-6 billion.
“Not only companies from Europe but also those from Asia and Australia are interested in the privatization process. I believe that foreign companies will take their place in the bidding process in addition to domestic ones” he noted.
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