Kolin transfers stake in new Istanbul Airport to Kalyon

Dinçer Gökçe - ISTANBUL

Kolin İnşaat has transferred its 20 percent stake in İGA Havalimanı İşletmesi that operates Istanbul Airport to another shareholder, Kalyon.

Following the completion of the share transfer, Kalyon’s stake in İGA will increase to 40 percent.

The detail of the share transfer has not yet been disclosed.

The last general assembly of İGA convened on Dec. 20 and the decisions made at the assembly showed that each Cengiz İnşaat, Mapa İnşaat, Limak İnşaat, Kolin İnşaat and Kalyon Havacılık ve İnşaat had a 20 percent share in the joint venture at that time.

The capital of the joint venture was lifted to 7.4 billion Turkish Liras ($1.4 billion) at the general assembly meeting.

After the general assembly, Kolin İnşaat divested its stake and ended its partnership in the joint venture.

The decision regarding the share transfer was made earlier this week, people familiar with the matter have said.

The share transfer has not been registered officially.

İGA was founded in 2013 to construct and operate Istanbul Airport for 25 years.

Istanbul Airport, whose first phase was opened on Oct. 29, has an annual capacity of 90 million passengers.