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Thursday, 23 April 2015

Morgan Stanley involved in sale of stake in Turkey’s Kumport

Investment bank Morgan Stanley has reportedly been hired to arrange the sale of a 36% stake in Kumport in the west of Turkey.

The Kumport container terminal is located 22 miles west of the Bosphorous Straits on the European side of Istanbul. As of 2011, it handled approximately 13% of Turkey’s container traffic, accounting for capacity of 1.7 million TEU per year.

The stake for sale is currently owned by Turkac No.1 SARL, a wholly owned subsidiary of the Ministry of Finance of the Oman Sultanate, with the remaining shares held by Fina Holding company, a subsidiary of Turkish billionaire Husnu Ozyegin’s Fiba Group.

It is reported that Fina Holding may also be  considering a minor share sale while still retaining management control.

“We will commence our new investments and arrangements in such a way to improve the work safety and accelerate the traffic in the port,” Ozyegin commented previously. “Thanks to the right strategic decisions Kumport has realized an average growth rate of 25% yearly in the last six years, which is great.”

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