Page 106 - TURKRptMay19

9.2.6 Agriculture corporate news
Turkish government is planning to establish a agricultural holding, namely Semerat Holding , with the aim of overcoming problems in agri-production, Ali Ekber Yildirim of daily Dunya reported on April 17. Private corporates, including Ulker, Eti, Sutas, Namet, Pinar, Unilever, TK Holding, Kastamonu Entegre, Migros and Borsa, will have a 50% stake in Semerat, according to Yildirim.
9.2.7 TMT corporate news
Turkish mobile operator Turkcell completes sale of Fintur shares.
Turkcell, Turkey’s largest mobile operator, has completed the transfer of its shares in Fintur Holdings B.V to Sonera Holding. The telco agreed to divest its 41.45% stake in Fintur to Sonera, the other shareholder in the company. The final value of the transaction was €353mn, Turkcell said in a filing with the Borsa Istanbul. Fintur Holdings B.V., through its subsidiaries, provides mobile telecommunication services in Azerbaijan, Kazakhstan, Georgia, and Moldova. “As the conditions precedent required for the share transfer were completed in March, TRY 772.4mn of profit generated from the transaction is anticipated to be reflected in our 2019 first quarter financial statements,” it added. Turkcell CEO Murat Erkan described the transaction as an important strategic milestone for the company. “This transaction confirms our ‘Asset Light’ strategy as well as our strategy to own physical assets in Turkey and drive international expansion via digital assets,” he said. Erkan noted that with the Fintur deal Turkcell generated a cash inflow of nearly TRY2.2bn and said: “Our liquidity and balance sheet ratios strengthened further and the FX position turned into a long position.” Turkcell will use the proceeds from the share sale in investments, according to the CEO.
Russia's RDIF plans internet projects in Turkey with Yandex. Russia's Fund for Direct Investment (RDIF) and internet major Yandex discusses deals and joint projects in Turkey, the head of the fund Kirill Dmitriev told the press, while announcing the creation of €900mn Russo-Turkish investment fund.
UK government supports Airbus satellite contract for Turkish communications firm Turksat. The UK government is to support an Airbus contract for the production and delivery of two satellites for Turkish communications company Turksat, British Secretary of State for International Trade Liam Fox said on April 25. “UK Export Finance will support an Airbus Defence and Space UK contract worth nearly $500 million to manufacture and deliver two satellites and a ground station for Turksat,” Fox told the British parliament. Fox’s department said UK Export Finance was providing a guarantee to support a loan of $325mn to the Turkish Ministry of Treasury and Finance to enable the purchase. Turksat CEO Cenk Sen said in a statement that the satellites would be used to provide television services and improve broadband data services in Turkey, the Middle East, Europe and large regions of Africa. Turksat is one of the region’s leading communication companies. It provides voice, data, internet, TV, and radio broadcasting services through its satellites, covering a geographical area extending from Europe to Asia. It also operates a cable TV platform to supply broadcasting services for domestic subscribers. For nearly 30 years, Airbus has been working with flag carrier Turkish Airlines, the Ministry of Defence and the Presidency of Defence Industries, as well as Turkey’s air force, navy and coast guard. By 2020, Airbus will have invested nearly $2.5bn in Turkey and by 2030 that figure is to rise to over $5bn. Turkey is Airbus’s fourth-largest customer in Europe. There were some 270 of the company’s passenger and freighter aircraft in service in the country with nine operators as of 2018.
106 TURKEY Country Report May 2019 www.intellinews.com