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Turkey transfers billions in major company stakes to sovereign wealth fund

Stakes include Turkish Airlines, Ziraat Bank, Botas; Fund aims to help finance major projects

Ankara: Turkey has transferred government stakes worth billions of dollars in Turkish Airlines, major banks and fixed-line operator Turk Telekom to a sovereign wealth fund set up last year to help finance big-ticket infrastructure projects.

Ankara has ambitious plans for the fund, established last August with initial capital of 50 million lira ($13.6 million).

It wants the fund to manage $200 billion in assets as soon as possible, the economy minister has said.

The state’s 49.1 per cent stake in flag carrier Turkish Airlines — worth roughly $1 billion — and its 51.1 per cent of lender Halkbank — worth some $2 billion — have been transferred to the fund, a statement from...Read more...

Source: gulfnews.com