February 9, 2017
State Assets Transferred to Sovereign Wealth Fund
As stated in our previous client alert published in August 2016, the Turkish Sovereign Wealth Fund (Türkiye Varlık Fonu) (“SWF“) was established to finance mega projects and strengthen the Turkish economy. Now, the SWF’s asset portfolio is becoming clearer.
The following state-owned assets were transferred to the SWF:
- Certain value real properties.
- The shares of the following companies:
- Türkiye Cumhuriyeti Ziraat Bankası A.Ş. (largest state-owned bank) (100%)
- Boru Hatları ile Petrol Taşıma A.Ş. (BOTAŞ – fuel pipeline company) (100%)
- Türkiye Petrolleri A.Ş. (petroleum company) (100%)
- Posta ve Telgraf Teşkilatı A.Ş. (National Postal Service) (100%)
- Borsa İstanbul A.Ş. (Turkish Stock Exchange) (73.6%)
- Türksat Uydu Haberleşme Kablo TV ve İşletme A.Ş (satellite communications company) (100%)
- Türk Telekomünikasyon A.Ş. (national telecoms) (6.68%)
- Eti Maden İşletmeleri Genel Müdürlüğü (mining company) (100%)
- Çay İşletmeleri Genel Müdürlüğü (tea production and cultivation company) (100%)
- Türk Hava Yolları A.O. (Turkish Airlines) (49.12%)
- Türkiye Halk Bankası A.Ş. (state-owned bank) (51.11%)
- TRY 3 billion from the Defense Industry Support Fund.
Please contact us if you have questions about how these changes might affect your company.