Deals
Turkey Plans Massive Transfer of Assets to State Wealth Fund
- Opposition lawmaker says move won’t benefit broader public
- Government to use proceeds of asset sales to fund projects
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The Turkish government transferred its holdings in the country’s biggest bank by assets and a state-owned phone company to a new sovereign-wealth fund created to finance large infrastructure projects.
The treasury’s stake in TC Ziraat Bankasi AS, oil and gas producer Turkiye Petrolleri AO, and a nearly 7 percent holding in phone operator Turk Telekomunikasyon AS are among assets that the fund will own, according to a decree in the Official Gazette on Sunday. The government will also move its 51.1 percent stake in Turkiye Halk Bankasi AS and 49.1 percent in Turkish Airlines after regulatory approvals, according to a regulatory filing on Monday.