Akfen's shares in TAV go to French airport operator

Published 09.06.2017 22:49

Akfen Holding signed a share transfer agreement with France-based Aeacute;roports de Paris Group (ADP) for a remaining 8.1 percent stake in TAV Airports Holding. Akfen plans to use the income obtained from this transfer for the investment package of $6.7 billion slated to be realized in Turkey.

Akfen laid the foundations for TAV Airports Holding with the Build-Operate-Transfer (BOT) tender held by the General Directorate of State Airports Authority for the construction of Istanbul Atatürk Airport in 1997.

Akfen, whose share in TAV will provide $160 million in cash inflow to the company, will use it for investments to be made in Turkey. At the beginning of 2017, Akfen announced an investment package of TL 6.7 billion ($1.9 billion) to be completed in one-and-a-half years. The most important investment leg of this package, which is expected to create 1,390 jobs, is city hospitals in Isparta, Eskişehir and Tekirdağ worth TL 3.9 billion and renewable energy projects worth TL 2 billion.

Akfen Holding maintains its 21.68 percent stake in TAV Investment Holding, which also includes TAV Construction, the world's largest airport builder. TAV Investment Holding, which mainly operates in the fields of construction and parking lot operations, includes TAV Tepe Akfen Yatırım İnşaat ve İşletme A.Ş., TAV Park Otopark Yatırım ve İşletmeleri A.Ş. and Riva İnşaat Turizm Ticaret İşletme ve Pazarlama A.Ş in its scope.

After the transfer of Akfen's remaining 8.1 percent stake in TAV, the stake of French ADP Group reached 46.1 percent.

The TL 6.7 billion investment package includes investment projects in port construction in Mersin, city hospitals, and solar power plants.

Following the news of the stake transfer, TAV's share trading on the Borsa Istanbul soared 5 percent and hit TL 18.6. Around 12:00 p.m., the company's shares, which shorted with a view to making profit, were trading at TL 18.3 with a 3.4 percent gain.

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