Treasury-held shares of 12 companies transferred to TVF

ISTANBUL

The shares of 12 companies held by the Treasury have been transferred to the Türkiye Wealth Fund (TVF), according to a presidential decree published in the Official Gazette on Aug. 20.

Among those companies whose shares were transferred are stock exchange-listed Koza Altın, Koza Anadolu Metal and İpek Doğal Enerji.

Before the latest share transfers on Aug. 20, TVF had a portfolio of assets of 30 companies in seven industries, such as lenders Ziraat, Halkbank, Vakıfbank, flag carrier Turkish Airlines, Petroleum Pipeline Corporation (BOTAŞ) as well as mining company Eti Maden and steelmaker Kardemir.

The strategic objectives of TVF are to enhance the value of its assets, to provide equity to strategic investments in Türkiye, to make equity investments to support Türkiye's international economic objectives and reinforce the improvement and deepening of financial markets in the country, according to the fund’s website.

Meanwhile, the Privatization Administration (ÖİB) has announced that tenders will be launched for two brands, Bursa Merinos and Merinos, operating under Sümer Holding.

The deadline for placing bids in the privatization tender for those two brands is Sept. 12.

Between 1986 and 2023, Türkiye raised a total of $71.5 billion from privatizations.

Last year, proceeds from privatizations stood at $181 million, down from $504 million in 2022.

Since the start of 2024, the administration has raised $71.5 million in privatization.