Shares accounting for 49% of the total capital of the mega-port Galataport in the center of Istanbul will be taken over by a group of creditor banks as part of the restructuring agreement announced on Tuesday.
In separate statements to the Public Disclosure Platform (KAP), the banks confirmed that Galataport and all creditors had signed a restructuring agreement.
According to the statements, the creditor banks will take 49% of the shares representing Galataport's total capital, based on the interest rates.
Turkish tycoon Ferit Şahenk’s Doğuş Holding Inc. was reportedly in talks to potentially transfer part of his stake in an Istanbul port and shopping mall company to lenders over a 1.02 billion euro ($1.1 billion) unpaid loan, Bloomberg News reported in October.
The conglomerate received a loan in 2016 to build a cruise port and shopping mall complex in Istanbul.
"An agreement has been reached by all lenders, including our Bank, for the restructuring of the debts provided to Galataport Istanbul Liman İşletmeciliği ve Yatırımları A.Ş. ("Galataport") and Doğuş Galataport Gayrimenkul Yatırımları ve Ticaret A.Ş. ("Doğuş Galataport") under the loan agreements and related financial documents in accordance with the Regulation on Restructuring of Debts to the Financial Sector and related legislation, and a restructuring agreement was executed by and between the parties," the Garanti BBVA said in a statement on Tuesday.
"In order to collect a portion of the loans within the scope of the agreement, 49% of the shares representing the total capital of Galataport will be acquired by the lending banks in accordance with their pro-rata ratios by granting a three-year repurchase right to Doğuş Galataport," it added.
In this context, it was stated that Garanti BBVA is expected to take over the shares corresponding to 12.28% of Galataport's capital by the end of 2024.
Yapı Kredi also announced in a KAP statement that a 13.2% share transfer is expected.
Other lenders, including Iş Bank, also announced in their statement that a 7.18% share takeover is expected from Galataport. The Industrial Development Bank of Türkiye (TSKB) also stated that a 5.23% share transfer is expected.
