Page 107 - TURKRptMay19

9.2.8 Tourism corporate news
Yotel opens landside and airside at the new Istanbul Airport. Yotel has opened landside and airside hotels at Turkey’s new mega airport, Istanbul Airport located by the Black Sea outside the business capital. The country’s new main international airport, which officials want to turn into the world’s biggest flight hub, fully opened at the weekend after several months of delays. The landside Yotel Istanbul Airport features 277 cabin-style rooms, bookable by the night, while the airside Yotelair Istanbul Airport is located within the Family Palace Zone after security, and features 174 rooms bookable for a minimum of four hours.
9.2.9 Utilities corporate news
9.2.10 Metallurgy & mining corporate news
9.2.11 Other sector corporate news
Zorlu Enerji has applied to the banking watchdog EPDK to obtain production license for its 18MW Alibeyhoyugu solar power plant located in Konya province, the company said on April 1 in a bourse filing. Zorlu Enerji has a 0.33% share in iShares MSCI Turkey ETF.
Goldminer Koza Altin “perhaps the best lira hedge”. “SELL all longs [in Turkish equities], except perhaps the best lira hedge, [Koza Altin],” Julian Rimmer of Investec said on April 8 in an emailed note to investors. Rimmer renounced on April 1 Koza Altin on 3x ev/ebitda and a huge discount to international peers. “The calls on [Soda, Aselsan, Koza Altin] are intact,” he added.
Eaton completes acquisition of Turkish electrical equipment producer Ulusoy. Power management company Eaton has completed the acquisition of an 82.3% controlling interest in Ulusoy Elektrik, a leading manufacturer of medium-voltage electrical equipment based in the Turkish capital Ankara. The transaction constitutes the entire shareholding of both privileged and ordinary shares of sellers Sait Ulusoy, Kubilay Hakki Ulusoy, Enis Ulusoy and Akgul Ulusoy—members of the Ulusoy family—and accounts for 90.15 percent of the outstanding voting rights, Eaton said in a statement on April 16. “As required by Turkish capital markets legislation, Eaton now plans to file an application to execute a mandatory tender offer for the remaining shares,” it added. Established in 1985, Ulusoy Elektrik employs approximately 780 people and has manufacturing facilities in Turkey and Indonesia. The company’s products include medium-voltage switchgear, medium-voltage distribution transformers, substation kiosks, and medium-voltage cable connection systems. It exports products to more than 70 countries on four continents.
Japan’s Nippon Paint to ‘acquire Turkey’s Betek Boya’. An agreement on the sale of Turkish paint manufacturer Betek Boya to Japan’s Nippon Paint Holdings Co. has been signed, financial services firm Unlu & Co said in a statement on April 26. Betek Boya was expected to see sales of Turkish lira (TRY) 1.6bn ($303mn) last year. , The company is well known in Turkey for its “Filli Boya” paint brand. According to Turkish regulatory filings cited by Reuters, German firm DAW holds nearly one-quarter of Betek’s shares, while the majority stakeholder is the Akpinar family of Turkey. The value of the deal was not disclosed.
Domino’s Pizza operator in Turkey and Russia falls to net loss on FX and debt impacts. DP Eurasia, which operates the Domino’s Pizza brand in Turkey and Russia, fell to a net loss of Turkish lira (TRY) 6.7mn ($1.2mn) in
107 TURKEY Country Report May 2019 www.intellinews.com