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memorandum with Autoputevi concerns the construction of two sections of the motorway. Autoputevi and Tasyapi are yet to negotiate the terms of a contract for the motorway section’s construction. The highway was proposed two years ago, but as the authorities in Bosnia were unable to agree on the route, it was put on hold until now. In February, the route was finally defined, unfreezing the project.
9.2.5 Agriculture corporate news
9.2.6 TMT corporate news
Toren Gida, a family-owned Turkish confectionery maker, is to expand production with the help of a $1mn loan provided jointly by the European Bank for Reconstruction and Development (EBRD) and Turkiye Sinai Kalkinma Bankasi (Industrial Development Bank of Turkey, also known as TSKB). The loan was divided 50:50 between the two lenders.
The EBRD is a leading institutional investor in Turkey and has invested over €11bn in 290 projects in the country since 2009.
● Turkcell
● Turk Telekom
The CEO of Turkey’s telecommunications giant Turk Telekom has is stepping down. The telco announced to the Istanbul stock exchange that Boulos H.B. Doany, who’s been at the helm since October 2016, would be succeeded on an interim basis by marketing and customer care assistant general manager Umit Onal. Onal joined Turk Telekom at the end of 2016 and has more than 20 years of expertise in Turkey’s media industry. Turk Telekom did not say why Doany decided to quit the company.
The company recently reported that its revenues increased by 16.3% on an annual basis to TRY5.76bn in the second quarter of 2019 while Ebitda rose more than 36% y/y to TRY2.68bn. Net income came in at TRY453mn in Q2 versus the TRY870mn loss posted a year earlier.
Turk Telekom had 11.1mn broadband subscribers as of end-June while its total number of mobile customers stood at 22.4mn. The number of fixed-line users was 9.9mn.
● Others
Azerbaijan’s energy major Socar is looking at buying a stake in Turkish
70 TURKEY Country Report August 2019 www.intellinews.com