Turkey transfers shares in 12 companies to its wealth fund
Reuters/Murat Cetinmuhurdar/Presidential Press Office
The Turkish government has transferred treasury shares of 12 companies to the state-run Turkey Wealth Fund (TWF), according to a presidential decree published in the official gazette.
Among these companies are Borsa Istanbul-listed Koza Altin Isletmeleri, Koza Anadolu Metal Madencilik Isletmeleri and Ipek Dogal Enerji Kaynaklari Arastirma, the decree said.
However, no details on the percentage or value of the shares transferred were given.
The sovereign wealth fund manages assets worth $300 billion, according to its 2022 report. Total equity rose 60 percent year on year to $49 billion.
The fund’s consolidated balance sheet grew by 75 percent year-on-year, reaching 5.6 trillion lira ($166 million) in 2022.
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TWF’s portfolio covers multiple sectors, including finance, energy, transportation and logistics, mining, technology and telecom, agriculture, food, and real estate.
The fund holds a 49 percent stake in Turkish Airlines, 100 percent of Ziraat Bankasi, 80.6 percent of Borsa Istanbul, and 100 percent of Turksat, a communications satellite company, according to its 2022 report.
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