5/30/2008

Australian company to invest in Turkey

Turkish Daily News - Australia's second-largest investment company plans to raise more than $1 billion for a fund to invest in Turkish infrastructure as the government steps up asset sales, two informed sources have said. Babcock and Brown Ltd. is approaching investors and will target assets such as airports, roads, utilities and ports, said the sources, who declined to be identified because the plans are private. The Sydney-based firm expects to finish raising money for the closely-guarded fund next year, they said. Turkey is selling licenses to operate infrastructure, including ports and roads, as part of an International Monetary Fund-backed program of disposals, aimed at reducing budget deficits and debt, and minimizing the state's role in the economy. Babcock, which earns about 36 percent of its revenue in Europe, bought a 5.2 percent stake in TAV Airports Holding, which runs Istanbul's Ataturk Airport, in 2006.“ Turkey's Privatization Administration Chief Metin Kilci, expects to invite bids for the national lottery and a network of bridges and roads at the end of this month or early in June, he said May 16.

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