Page 45 - TURKRptDec19

The size and value of the possible minority stake in Istanbul-based Sanovel were unclear. It was also unclear exactly how the three possible buyers were working together.
Sanovel produces some 300mn individual boxes of medicine annually, according to its website. It operates in Georgia, Azerbaijan, Russia, Iraq and other countries in the Eurasia region, and in recent years began exporting to Spain and Italy.
The company is among the top 20 that produce medicine in line with international standards in Turkey, according to the Pharmaceutical Manufacturers Association of Turkey.
According to a Bloomberg report, Sanovel was in talks some two years ago with private fund Abraaj Group for a minority stake sale, but the discussions were halted.
RWE, Germany’s largest electricity provider, may decide to sell the 70% stake it holds in a company that owns a 775-megawatt gas-fired power plant in the Turkish city of Denizli if buyers come forward​, Reuters quoted the utility’s chief financial officer as saying on November 14.
“You can imagine that we are not having a great time with it at the moment,” Markus Krebber told journalists after releasing nine-month results. However, he added that the group was not actively pursuing a sale at this time.
RWE owns the stake in RWE & Turcas Guney Elektrik Uretim, a joint venture with Turcas Petrol.
Turcas signed the related partnership agreement with RWE in 2009 in order to move forward with the Denizli investment.
The Denizli plant, established with a total investment cost of nearly €600mn, started operations after obtaining approval from Turkish regulators in June 2013, according to information on Turcas’s website.
UK-based contract food service company Compass Group is to buy Turkish catering services company Turkas Gida​, local business daily Dunya has reported.
Founded in 1994, Turkas provides services to large Turkish companies including Enerjisa, Akbank, Gedik Holding, Sabanci Holding, Sisecam, Socar and Eczacibasi Holding.
It caters to over 76,000 people nationwide.
Compass Group serves some 5.5bn meals per year to 55,000 clients in 45 countries.
The group already has a presence in Turkey. It is the owner of Sofra Group which operates in the country’s 81 provinces, serving 2,100 companies. Sofra serves 1.3mn meals a day.
Brazilian food corporation BRF, the world’s largest chicken exporter, said on November 13 it would consider making acquisitions in Turkey​ as part of a strategy to up production in the country and remain a leading food supplier in the halal world.
Patricio Rohner, vice president of international operations, was quoted by news agencies as saying that the company presently accounts for about 12% of production in Turkey and aims to expand the share to 20%.
45​ TURKEY Country Report​ December 2019 ​ ​www.intellinews.com