1/30/2009

Turkey's Ak Enerji to raise unit's capital

Reuters – Turkey’s Ak Enerji said this week it would spend TRY 112.39 million (USD 69.5 million) to increase the capital of Akcez, the venture it co-owns with Prague-based CEZ, before it takes over a power company next month. Akcez next month is expected to take control of a power-distribution company in northwestern Turkey after it won a July 1 government tender with its partner CEZ with a a top bid of USD 600 million. Ak Enerji took a 45 percent stake with USD 150 million capital in Akcez in November. CEZ and Ak Enerji said in October they planned USD 3 billion in energy investments in Turkey over the next five years.

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