Global Yatirim Rises Most in a Week on Port Bid: Istanbul Mover
Global Yatirim Holding AS (GLYHO), a Turkish group with diversified interests including infrastructure and energy, rose the most in a week as investors bet its unit will get the go-ahead to operate a port in Montenegro.
The stock climbed 2.9 percent, the biggest advance since July 15, to 1.41 liras at 3:05 p.m. in Istanbul. More than 1.4 million shares traded, 1.3 times the three-month average daily volume, according to data compiled by Bloomberg. The benchmark Borsa Istanbul National 100 (XU100) index gained 0.9 percent.
Global Liman Isletmeleri AS, a wholly owned subsidiary, has completed talks on a contract to acquire a stake in the Port of Bar in Montenegro, Global Yatirim said in a filing with the bourse today. The final contract, which involves operating, financing and repairing the port for 30 years, will be signed after approval from the government and its asset sales agency, according to the statement.
“The port carries potential for the company,” Alper Akalin, an analyst at Ekspres Invest in Istanbul, said by phone. “Investors are taking today’s statement seriously, as it’s a strong indicator that Global Liman will get the contract.”
The Port of Bar, situated at the entrance of the Adriatic Sea, has a maximum capacity of one million TEUs container and 6 million tons of general cargo, according to Global’s website. A TEU is a 20-foot equivalent unit.
The harbor used to be the main port of former Yugoslavia and Global’s initial plan is “to attract back the trade traffic of Serbia, Kosovo, Albania, Macedonia and Bulgaria,” the company said. Global seeks to buy a 62 percent stake, according to the website.
Global Yatirim reported a loss of 19.8 million liras ($10.4 million) in the first quarter, compared with a profit of 1.7 million liras in the same period a year ago. Its shares have gained 15 percent this year, compared with the benchmark index’s 2 percent decline.
To contact the reporter on this story: Taylan Bilgic in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Claudia Maedler at email@example.com