8/17/2009

Saudi Arabia's ALJ expands its investments in Turkey

Arab News - Turkey’s Sabanci Holding has announced its decision to sell its 64.99 percent share in ToyotaSA, its joint venture with Toyota Motor Europe and Mitsui, to the ALJ Lubnatsi Marketing and Sales PLC, a subsidiary of Abdul Latif Jameel Co. (ALJ). In an announcement, Sabanci Holding CEO, Ahmed Dorduncu, said, “Since this business has acquired a global character in Turkey as in other markets, we have decided to transfer to a global company the distributorship operations we conducted under the canopy of the ToyotaSA.” Commenting on the acquisition, ALJ Europe Director, Ali Haydar Bozkurt, said, “ALJ sees Turkey as one of the major economies in the region as regards the automotive industry. ALJ is demonstrating its faith in this country and the future of the industry by expanding its investments in Turkey. These investments started with the Daihatsu distributorship by teaming up once more with Toyota, with which it boasts a 55-year history of distributorship throughout the world. Once the legal procedure is completed, we’re going to further boost Toyota’s success in Turkey.”
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