Page 11 - bne_newspaper_July_26_2019

bne Invest
July 26, 2019 www.intellinews.com I Page 11
BlackRock ups Turkish Airlines stake to 5.06%
US-based BlackRock has increased its stake
in Turkish Airlines to 5.06% from 4.96%, the global investment giant said on July 16 in a stock exchange filing.
Shareholders that have a higher than 5% stake in a Borsa Istanbul-listed company are obliged to inform the public disclosure platform (KAP)
as regards their transactions in company shares, according to local regulations.
Turkish Airlines has lately switched its main hub to Turkey’s new mega airport, Istanbul Airport, which is located by the Black Sea outside of the business capital. Previously, the flagship carrier largely operated out of Istanbul Ataturk Airport. The new airport has experienced substantial
teething problems and delays but officials have plans to build it up to the point where it can claim the status of largest airport in the world.
On June 25, BlackRock said it had increased its stake in Turkish gold miner Koza Altin to 5.01% from 4.94%.
In February 2018, it was the top buyer in largest Turkish electricity distributor Enerjisa Enerji’s initial public offering (IPO).
BlackRock also has stakes in state-controlled Halkbank and Emlak REIT.
It is the biggest single holder of Turkish government bonds.
Russian gold producer Petropavlovsk delivers strong 2Q19 results
Russian gold miner Petropavlovsk reported a solid trading update for 2Q19/1H19 and maintained its outlook for 2019 output at 0.45-0.5mn ounces.
As reported by bne IntelliNews, this month Russian businessman Roman Trotsenko acquired a 22.4% stake in Petropavlovsk from the company of Kazakh entrepreneur Kenes Rakishev for an undisclosed sum.
The company reported gold output at the Malomir mine surging by more than 2x year on year in 1H19 on the back of recent POX hub commissioning. The Albyn mine increased its output by 23% and 13% y/y in 2Q19 and 1H19 respectively.
"Successful performance of POX and construction of Pioneer flotation plant remain the key drivers for the name, with the former increasing the company’s Ebitda by 1.5x h/h in 1H19," BCS Global Markets commented on July 24.
Petropavlovsk has been struggling in an otherwise expanding Russian gold market. The company went through a shake-up in 2017, when Russian oligarch and minority stakeholder Viktor Vekselberg carried out a boardroom coup that ousted the chairman and founder Peter Hambro at the annual general meeting.