Baku, Azerbaijan, Feb.2
By Rufiz Hafizoglu - Trend:
The time of privatization of Turkish Adabank has been extended by three months, a message posted on the website of Turkish Resmi Gazete newspaper said on Feb.2.
It was planned to sell 94.44 percent of shares of Adabank on Dec.25, 2014.
The bids of the applicants for participation in the process of Adabank's privatization will be received till March 30, 2015, said the bank.
The process of the bank's privatization will start on March 31 and last till April 3. The bank is estimated at $77.5 million.
Adabank was created in 1984. Its main office is located in Istanbul. Adabank is a private bank with 100 million TRY worth of capital. The official exchange rate is 2.4219 TRY/USD.
The revenues from privatization amounted to 70 billion TRY in 2014.
The shares of 13 large Turkish companies were put up on the stock exchange of the country in 2014, and the revenues from the sale of the shares of nine of them amounted to 690 million TRY.
The shares of the four major companies were sold on the stock exchange for 24 million TRY.
Previously Turkish then Prime Minister Recep Tayyip Erdogan said that Turkey is outdoing almost all EU countries for the privatization rate.
The privatization in the country is aimed at the development of the private sector, Erdogan said that time.
Some 270 public organizations, eight main roads, two bridges and six ports have been privatized since the denationalization in Turkey. Ski resorts, as well as several bridges and roads are among the privatized facilities.
The plant for sugar production, two bridges and a number of main roads are expected to be privatized in Turkey in the next two years. Moreover, some 13 state facilities are at the stage of privatization and it is expected to receive $887.45 million worth of revenues from their privatization.
Turkey's total revenues from privatization that began in 1985, stood at $57.8 billion as of early 2014.
Edited by SI
---
Follow the author on Twitter: @rhafizoglu
