Move follows conglomerate’s recent disposal of 41% in construction equipment leasing services company Temsa Is Makinalari and May sale of buses and light trucks maker Temsa.
More than 700 enterprises were shuttered amid country’s dire economic straits. Meanwhile, NPLs made to tourism industry climbing. Hoteliers complain of low per capita spending by foreign tourists.
GPW Political Risk on how the move by a military pension fund unit to acquire the unloved, neglected UK company may have been motivated by Turkish President Recep Tayyip Erdogan’s personal agenda—and he may require a political quid pro quo.
Lira hit as critics sense weakened strongman Erdogan is intent on pumping up short-term growth.
Meanwhile, Kamhi family put Istanbul’s Profilo shopping mall on market with an asking price of $74mn—half of what they tried to sell if for five years ago.
Rollover ratio registers at 95% compared to 73% target.
Central bank introduces reserves changes which observers note tally with possible plan to drive up short-term economic growth and call early elections. Lira comes under pressure.