Turkish Fund Invites Top Three Bidders for Brick Maker Kumas

A Turkish fund which manages failed banks will invite the top three bidders tomorrow in an auction to sell Kumas Manyezit, which makes furnace bricks in western Kutahya province for steel, cement and other industries.

The highest bidder was Kobin Madencilik Insaat & Ticaret AS with $285.5 million, Istanbul-based Savings Deposit Insurance Fund said in an e-mailed statement today.

Ucyildiz Tarimsal Isletmeler Sanayi & Ticaret AS, a unit of private equity firm Gozde Girisim Sermayesi Yatirim Ortakligi AS (GOZDE), which is owned by food group Yildiz Holding AS, was among the top three bidders, along with Eti Krom AS, according to the statement. The fund set an estimated value of $320 million for Kumas before the auction, the state-run Anatolia news agency said today.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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