12/25/2007

Privatizations in Turkey total $30 bln in 22 years

Turkish Daily News - The government has privatized assets worth $29.9 billion from 1985 to 2007, the Chamber of Certified Public Accountants of Istanbul (ISMMMO) announced. It is expected that approximately 15-25 percent of the remaining public shares of Turk Telekom and a part of public shares of Ziraat Bank and Turkish Airlines (THY) will be offered to the public at the stock exchange next year. An income of $11.8 billion is expected through privatizations of state's second largest bank Halkbank, the state-owned cigarette manufacturer Tekel, electricity distribution, and transfer of management rights of bridges and highways. The largest state-owned bank Ziraat Bank and Halk Bank, which are on the privatization agenda, are currently among the institutions that transfer the largest amount of wealth to the Treasury. In 2006, dividends obtained from Halkbank were YTL 297 million. In the first nine months of 2007, Ziraat Bank delivered YTL 1.5 billion in dividends to the Treasury.

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